KARACHI: Cotton prices surged on renewed demand from needy spinners on Wednesday.

Rapidly falling cotton stocks are a cause of concern for many spinners who have yet to meet their seasonal demand. However, intermittent flow of some quality lots attracted buyers who readily paid higher rates in order to get lots of their choice.

Although big spinners are currently focused on clearing their imported cotton, small spinners with limited resources are still looking for quality lint which is running in short supply.

Though trading activity remained fairly active, it could not expand due to restricted supply of quality cotton.

The world leading cotton markets also remained firm owing to steady de­­mand from the export market.

The Karachi Cotton Association (KCA) seems to have finally realised that spot rates should be realistic and close to market rates. In one single go, the spot rates were revised upwards by Rs200 to Rs7,600 per maund.

The following deals were reported to have changed hands on the ready counter: 400 bales, Ghotki, at Rs7,900; 600 bales, Rahim­yar Khan, at Rs7,800; 1,000 bales, Sadiqabad, at Rs7,800; and 2,000 bales, Kabirwala, at Rs6,800.

Published in Dawn, March 15th, 2018