KARACHI: Cotton prices moved higher for the second consecutive session on Saturday spinners and exporters continued to replenish their stocks.
Cotton season in Punjab has reached maturity, allowing for increased availability of quality cotton. Sindh cotton was equally being sought after. However, Sindh faces short crop due to lesser sowing.
During the last two session cotton prices on ready trading moved higher by up to Rs100 per maund while the Karachi Cotton Association (KCA) spot rates were raised by Rs200 during past three days.
“The rising trend in cotton prices strongly indicates that the crop size is still doubtful even if official estimates by different government departments anticipate higher production,” said Naseem Usman.
The Cotton Crop Assessment Committee, which is a competent authority when it comes to cotton production figures, is holding its first meeting next week, he added.
The world leading cotton markets gave mixed trend. New York cotton recovered partially from the losses of past two days.
Chinese and Indian cotton were steady.
The Karachi Cotton Association (KCA) spot rates were revised upwards by Rs50 more to Rs8,250 per maund.
The following deals were ported to have transpired: 1,200 bales, station Shahdadpur, at Rs8,200-8,250; 1,000 bales, Tando Adam, at Rs8,175-8,225; 1,200 bales, Nawabshah, at Rs8,200-8,250; 2,200 bales, Khanewal, at Rs8,300-8,400; 600 bales, Mian Channu, at Rs8,350-8,400; 200 bales, Rajanpur, at Rs8,400; 400 bales, Ahmedpur East, at Rs8,400; 200 bales, Mohammad Pur Dewan, at Rs8,400; 1,400 bales, Haroonabad, at Rs8,250-8,350; 2,600 bales, Burewala, at Rs8,300-8,350; and 2,000 bales, Kabirwala, at Rs8,300-8,400.
Published in Dawn, September 9th, 2018