KARACHI: Lint prices moved higher on the cotton market on Tuesday where spinners and exporters kept chasing every lot that came for offer.

Floor brokers said that depreciation in the rupee’s value encouraged millers and exporters to replenish their stocks at high level.

They added that a couple of leading spinning mills have entered into export orders with Chinese companies for cotton yarn. This induced sentiment and resulted in brisk buying for lint.

However, slow flow of phutti (seed cotton) continues to restrict activity though some big deals were made on ready counter where prices rose by Rs100 to Rs150 a maund.

The New York cotton remained mixed. The Karachi Cotton Association (KCA) raised its spot rates by Rs100 to Rs5,600 a maund.

The following major deals were made on ready counter: 3,000 bales Mirpurkhas at Rs5,600 to Rs5,650, 2,000 bales Tando Adam at Rs5,600 to Rs5,650, 3,000 bales Shahdadpur at Rs5,600 to Rs5,700, 1,000 bales Mian Chano at Rs5,700 to Rs5,750, 1,000 bales Chishtian at Rs5,700 to Rs,5750.

The following are Tuesday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/32” micronair value between 3.8 to 4.9 NCL.

Published in Dawn, August 27th, 2014