KARACHI: Cotton prices rose on Monday amid sustained demand for quality lint which is currently in short supply. Leading spinners and some exporters were keen to build up their stocks at current prices.

Though the market is eagerly waiting for the fortnightly phutti arrival figures, reports indicate that little unpicked crop is left behind in the cotton fields.

Ginners, however, were reluctant to dispose of their stocks at current prices which disappointed many spinners who were unable to get hold of their required demand.

Prices rose on ready deals and were mostly quoted above Rs5,000 per maund. Brokers said that as the current cotton season is drawing to a close, the supply of quality lint is also dwindling.

The Karachi Cotton Association (KCA) raised its spot rates by Rs50 to Rs5,000 per maund.

Major deals finalised on ready counter were: 200 bales from Shahdadpur done at Rs4,000, 600 bales Fort Abbas at Rs4,825 to Rs4,850, 200 bales Lodhran at Rs4,850, 400 bales Chani Goth at Rs4,900, 400 bales Vehari at Rs5,000, 1,000 bales Bahawalpur at Rs5,000, 400 bales Yazman Mandi at Rs5,100, 1,000 bales Ahmedpur at Rs5,150 to Rs5,200, 800 bales Uch Sharif at Rs5,160 to Rs5,200, 400 bales Shahir Sultan at Rs5,200 and 1,200 bales Ali Pur at Rs5,200.

Published in Dawn March 3rd , 2015

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