KARACHI: Strong dem¬and for quality lint has helped prices to remain above the psychological mark of Rs5,000 per maund.
Reports that Indian cotton may find its way into domestic market forced ginners to unload part of their stocks of quality lint which were readily picked by eager spinners and some exporters.
As a result, phutti prices also remained higher with Sindh quality being quoted between Rs1,700 and Rs2,400 per 40kg and Punjab variety between Rs1,800 and Rs2,800.
Meanwhile, India, which is expecting bumper cotton crop of around 40 million bales during current season, is witnessing price crash. This is also creating nervousness amongst local ginners who fear huge losses if cheap cotton from across the board finds its way into domestic market.
On New York cotton market, far-off contracts closed easy and maturing futures finished with modest gains.
The Karachi Cotton Association’s (KCA) spot rates remained unchanged.
Major deals on ready cou¬nter included: 1,000 bales Shahdadpur at Rs4,050-4,800, 4,000 bales upper Sindh at Rs5,100-5,200, 1,000 bales Chichawatni at Rs4,400-4,750, 800 bales Burewala at Rs4,800, 400 bales Vehari at Rs4,800, 600 bales Haroonabad at Rs5,000, 600 bales Layyah at Rs5,000, 3,000 bales Rahimyar Khan at Rs5,200, 6,000 bales Sadiqabad at Rs5,200-5,230 and 600 bales Lodhran at Rs5,150.
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