KARACHI: Most deals on ready counter were finalised at high prices but activity remained restricted because ginners were reluctant to dispose of their stocks while the textile industry fears shortage of cotton because current season’s stocks are only sufficient to meet next month’s demand.
Fresh spell of rain in Punjab has had negative impact on raw cotton, which is already late by more than four weeks, floor brokers said. However, they added, ginners on their part are trying to hold back stocks to get higher prices.
The Karachi Cotton Association (KCA) spot rates remained unchanged. The following deals were made on ready counter: 400 bales from Dhakri done at Rs5,250, 400 bales Feroza at Rs5,100, 600 bales Sadiqabad at Rs5,250, 800 bales Sahiwal at Rs4,850 to Rs5,125, 400 bales Mianwali at Rs5,225, 400 bales Uch Sharif at Rs5,300, 500 bales Shahar Sultan at Rs5,300, 600 bales Dera Ghazi Khan at Rs5,300 and 600 bales Alipur at Rs5,300.
