KARACHI: Relentless buying from needy spinners on the first day of 2018 pushed cotton prices to a new record high at Rs8,000 per maund on Monday. This is the second session in a row where cotton prices touch record levels. On Saturday, lint price had touched Rs7,800 per maund.

Similarly, official spot rates also soared to a new peak at Rs7,500 per maund on Monday from Rs7,300 per maund in the last session on Saturday.

The market remained under the grip of nervousness as buyers tried to cover up their cotton position from the local market. Rising cotton prices in the world market also influenced trading.

Ginners were fully controlling the market by dictating terms and cotton prices. This was quite disturbing for spinners who are facing the issues of short crop, cotton quality and rising world lint prices.

Brokers hoped that the next cotton production figures due this week may clear the picture and only then cotton prices would adopt a new course depending on crop size.

There were buying orders but a large number of spinners failed to get hold of deals of their choice. How­ever, those who readily paid premium rates managed to lift huge lots of their choice.

The following deals were reported to have changed hands on ready counter: 400 bales, Ghotki, at Rs8,000; 400 bales, Mirpur Mathelo, at Rs8,000; 1,200 bales, Khanpur Mehar, at Rs8,000; 4,800 bales, Khanewal, at Rs7,600; 8,000 bales, Rahimyar Khan, at Rs8,000; 600 bales, Haroonabad, at Rs5,750; 600 bales, Ahmedpur East, at Rs7,300; 600 bales, Gojra, at Rs7,000; and 400 bales, Faqeerwali, at Rs6,500.

Published in Dawn, January 2nd, 2018