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Cotton maintains bullish outlook

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KARACHI: Cotton prices remained on the higher side on Friday owing to a short supply of quality lint and rising trend on the world’s markets with New York cotton futures soaring to 84 cents per lb.

Cotton prices were quoted around Rs8,000 per maund.

Delay in issuance of statuary release order (SRO) with regard to withdrawal of duty and taxes on cotton imports kept both buyers and sellers in a dilemma.

Ginners are reported to have opposed the withdrawal of duty and taxes decision and are trying to prevent the release of SRO.

The Karachi Cotton Association spot rates were firm at overnight level.

The following deals were finalised on the ready counter: 6,900 bales, Rahimyar, Khan, at Rs8,000; 2,400 bales, Fazilpur, at Rs8,000; 1,400 bales, Sadiqabad, at Rs8,000; 1,000 bales, Jalalpur, at Rs7,600; 1,000 bales, Uch Sharif, at Rs7,500; and 634 bales, Yazman, at Rs7,400.

Published in Dawn, January 13th, 2018