KARACHI: Cotton prices remained firm on Saturday amid shortage of quality lint and buying from spinners and exporters.
Global trend in cotton markets is also affecting domestic lint prices.
There were strong indications that little phutti (seed cotton) has been left unpicked in cotton fields and the ginners also hold lesser stocks compared to last year.
While some millers are replenishing their stocks, there were those who are waiting for the fortnightly phutti arrival report due in the upcoming week.
Meanwhile, the Federal Committee on Cotton in a recent meeting has fixed next season’s crop target at 15.489 million bales on expected area of 3.121m hectares.
The New York cotton came under profit-selling where all the future contracts after recording sustained rise in prices closed modestly lower. The India cotton also remained steady.
The Karachi Cotton Association’s spot rates were steady at previous level.
Major deals finalised on ready counter included: 300 bales from Shahdadpur done at Rs3,850, 200 bales Sanghar at Rs3,850, 200 bales Fort Abbas at Rs4,850, 600 bales Haroonabad at Rs4,950, 400 bales Mian Channu at Rs4,950, 500 bales Ahmedpur at Rs5,000, 1,000 bales Hasilpur at Rs5,000, 1,400 bales Khanewal at Rs5,000 to Rs5,100, 600 bales Layyah at Rs5,100 and 600 bales Sadiqabad at Rs5,100 to Rs5,150.
Published in Dawn March 1st , 2015
On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play
Dear visitor, the comments section is undergoing an overhaul and will return soon.