KARACHI: Cotton trading was brisk on Friday as buyers remained in the forefront for second consecutive session. The short supply of quality cotton and little prospects of importing costly cotton from India caused panic buying.
There was strong demand for quality cotton which was in short supply and this further caused panic in the trading ring.
The quality cotton prices have risen by Rs100 and touched a seasonal high of Rs6,700 per maund (around 37 kilograms). Prices of low- and medium-quality cotton also moved higher and were being quoted at around Rs6,000 per maund.
However, New York cotton and Chinese markets closed lower after US Department of Agriculture reported exports fell during the outgoing month. But some analysts say that strong dollar has hit cotton exports.
The Karachi Cotton Association raised its spot rates by Rs25 to Rs6,375 per maund. Major deals on the ready counter were: 1000 bales from Sanghar (done at Rs5,600 to Rs6,000), 2,100 bales Ghotki (Rs6,600), 876 bales Dharki (Rs6,450), 500 bales Faqirwali (Rs6,525), 1,200 bales Haroonabad (Rs6,550), 1,000 bales Fort Abbas (Rs6,550 to Rs6,600), 6,000 bales Rahimyar Khan (Rs6,600 to Rs6,700), 1,857 bales Sadiqabad (Rs6,625 to Rs6,700), 1,800 bales Yazman Mandi (Rs6,700) and 2,000 bales Lodhran (Rs6,700).
Published in Dawn January 14th, 2017
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