KARACHI: Short supply of quality lint in front of strong demand from spinners kept prices on the higher side on Saturday.

Floor brokers said that as the current cotton season is reaching fag end, the unsold stocks held by ginners have also declined considerably, particularly because of higher consumption this year.

Consequently, delay in arrival of next cotton crop (2015-16) coupled with short inventory with ginners is creating extra demand from spinners.

Most of the deals on ready counter were finalised above Rs5,000 per maund, some deals going as high as Rs5,300. The activity, however, remained restricted on short supply and lacking selling interest on part of some ginners at current prices.

The world cotton markets were steady where New York cotton moved higher for all future contracts.

The KCA spot rates were steady at overnight level.

Deals finalised on ready counter included: 400 bales from Kotri done at Rs4900, 400 bales Sanghar at Rs4900, 260 bales Mirpur Khas at Rs4950, 400 bales Shujabad at Rs4900, 200 bales Multan at Rs4900, 600 bales Hasilpur at Rs5050, 1500 bales Lodhran at R5200, 700 bales Uch Sharif at Rs5275 and 400 bales Haroonabad (conditional) at Rs5300.

The following are Saturday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16” micronair value between 3.8 to 4.9 NCL.

Published in Dawn, March 29th, 2015

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