KARACHI: Renewed buying interest on the cotton market on Tuesday pushed cotton prices higher amid reports that crop size would be much lower than expected.
Market sources maintain the current season cotton crop size would not be more than 9 million bales and this has caused some panic amongst stakeholders, brokers said.
Much of trading activity remained around Punjab quality while some big lot deals in Sindh variety were also reported to have changed hands. However, big textile spinning mills – which are focused on imports – are worried about their viability. Currently, domestic cotton prices are very high while imports would also be costlier with 11 per cent taxes and duties.
The world leading cotton markets were generally mixed to low with New York, Indian and Chinese markets reportedly closing on an erratic note.
The following deals were reported to have changed hands on ready counter: 4,000 bales, station Khairpur, at Rs8,725-8,850; 1,400 bales, Fort Abbas, at Rs8,850-8,900; 2,400 bales, Haroonabad, at Rs8,850-8,900; 1,200 bales, Chishtian, at Rs8,800-8,850; 1,000 bales, Hasilpur, at Rs8,800-8,850; 1,200 bales, Bahawalnagar, at Rs8,800-8,825; and 1,339 bales, Gojra, at Rs8,500-8,700.
Published in Dawn, October 9th, 2019