KARACHI: Cotton prices drifted higher on Friday on strong demand from spinners following upsurge in supplies of quality lint amid improved phutti arrivals.
The Punjab variety was selling at Rs8,600 and Sindh type at Rs8,000 per maund. The Balochistan cotton having better quality rose by Rs200 to Rs8,300-Rs8,500 per maund and phutti at Rs3,900 to Rs4,300 per 40kg, brokers said.
However, it was also interesting to note that many spinners also chased Sindh variety cotton which was available at lower prices.
After a long time all the future contracts of New York cotton crossed the 60-cent mark gaining 2.85-cent per lb. All this happened at a time when US weekly and monthly cotton export figures recorded fall.
The Karachi Cotton Association (KCA) left its spot rates at Rs8,100 per maund.
The following major deals were reported to have changed hands: 1,000 bales, Sanghar, at Rs7,750 to Rs7,800; 800 bales, Mirpurkhas, at Rs7,760; 800 bales, Nawabshah, at Rs7,840 to Rs8,000; 1,000 bales, Shahdadpur, at Rs7,750 to Rs7,800; 1,200 bales, Faqeerwali, at Rs8,350 to Rs8,400; 800 bales, Rajanpur, at Rs8,500; 200 bales, Fazilpur, at Rs8,500; 200 bales, Khanewal, at Rs8,600; and 600 bales, Muhammad Pur Dewan, at Rs8,400.
Published in Dawn, September 14th, 2019