KARACHI: Insufficient cotton stocks have caused increase in the lint prices to Rs5450 per maund.
According to the brokers, there are just one month cotton stocks in the country, which is causing panic buying from millers. However, ginners on their part seem to be in no hurry to dispose of their stocks anticipating price hike in coming days.
The record cotton production of 14.838 million bales up to April 1 failed to meet higher consumption demand of cotton as industry has purchased more cotton this year over the corresponding period of last year.
The Karachi Cotton Association (KCA) spot rates were steady at previous level. The following deals were reported to have changed hands on ready counter: 2400 bales from Hasilpur at Rs4850, 400 bales from Chichawatni at Rs4900, 200 bales from Dunyapur at Rs4900, 200 bales from Multan at Rs5100, 1000 bales from Rahimyar Khan at Rs5275 to Rs5450, 600 bales from Sadiqabad at Rs5300 to Rs5450.
