KARACHI: Cotton prices remained higher on the back of strong demand for quality lint from spinners on Thursday, but activity could not pick up due to short supply.
The expected delay in arrival of new cotton crop owing to late sowing is a cause of concern for the textile sector, particularly the spinning industry.
Consequently, some deals at higher rates were finalised as ginners are trying to hold back their limited stocks to get maximum price in the future.
The Karachi Cotton Association (KCA) left its spot rates unchanged.
The following deals were made on ready counter: 400 bales from Hasilpur done at Rs4850, 250 bales Mian Channu at Rs5200, 300 bales Burewala at Rs5200, 400 bales Khanewal at Rs5300, 200 bales Lodhran at Rs5350 and 800 bales Rahimyar Khan at Rs5400 to Rs5500.
The New York cotton market recovered where all the future contracts ended with gains. Other world cotton markets also remained steady.
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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, April 26th, 2015
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