KARACHI: Strong de­­mand for quality cotton on Tuesday pushed prices higher indicating that spinners are keen to build up their stocks before the first phutti picking operation comes to an end by Nov 30.

Moreover, bullish trend on the world’s major cotton markets also influences the domestic market with most of the deals in quality cotton finalised at moderately higher prices, brokers said.The excessive heat during maturing stages of cotton plants in Punjab is being reported to have inflicted some damage to cotton balls which failed to mature fully and produce quality cotton, they added.

Though cotton production is being estimated to be higher than last year but the availability of quality lint is being feared to short.

According to market reports the Punjab quality phutti is being quoted between Rs2800 to Rs3350 per 40 kg and Sindh in the range of Rs2200 to Rs3150 per 40kg.

The Karachi Cotton Association (KCA) spot rates were revised upward by Rs50 to Rs6,000 per maund.

The following major deals were reported to have changed hands on the ready counter: 1,000 bales, Tando Adam, at Rs4,300 to Rs5,550, 1,000 bales, Sanghar, at Rs5,300 to Rs5,525, 2,000 bales, Khairpur, at Rs6,000, 1,100 bales, Mianwali, at Rs5,900 to Rs6,000, 1,000 bales, Burewala, at Rs6,100, 2,400 bales, Chistian, at Rs6,100 to Rs6,125, 1,800 bales, Layyah, at Rs6,125 to Rs6,175, 1,200 bales, Faqir­wali, at Rs6,150 to Rs6,175, 5,000 bales, Haroonabad, at Rs6,150 to Rs6,200, 2,000 bales, Bahawalpur, at Rs6,175 to Rs6,225, 400 bales, Khanewal, at Rs6,300, 800 bales, Ahmedpur, at Rs6,200 to Rs6,300, 800 bales, Khanpur, at Rs6,275.

Published in Dawn, November 16th, 2016