KARACHI: Cotton prices soared on sustained buying from spinners and exporters on Friday. The underlying sentiment remained strong and outlook uncertain.

Floor brokers said that doubts about the crop size kept buyers and sellers perplexed. As a result, ginners are holding back their stocks while growers have cut the supply of phutti (seed cotton).

Rapidly rising cotton prices have forced all the players in the cotton economy to change their strategy and presently they are focused on maximising their profits.

The spinners and exporters, however, are striving to get hold of larger stocks of cotton at prevailing prices and looking forward to build up their stocks to meet their seasonal demand, brokers said.

The Karachi Cotton Association (KCA) revised its spot rates upward by Rs150, to Rs5,200 per maund.

The New York cotton market, however, came under profit-selling after maintaining upward trend for three consecutive sessions.

Major deals on ready counter included: 2000 bales from Nawabshah done at Rs5100 to Rs5250, 2000 bales Khairpur at Rs5350 to Rs5400, 1000 bales Saleh Pat at Rs5350 to Rs5400, 1200 bales Rohri at Rs5350 to Rs5400, 2500 bales Dharki at Rs5500, 2000 bales Haroonabad at Rs5300 to Rs5475, 400 bales Kot Sabzal at Rs5500, 400 bales Muhammadpur Dewan at Rs5500, 800 bales Ahmedpur at Rs5500, 600 bales Rajanpur at Rs5500, 1000 bales Dera Ghazi Khan at Rs5500, and 800 bales Mianwali at Rs5400.

Published in Dawn, October 10th , 2015

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