KARACHI: Amid frenzied buying, cotton prices on Monday reached record high level of Rs9,100 per maund on ready trading.

At the outset there was heavy buying from all categories of buyers but quality and quantity constraints kept the volume from expanding. A deal of 400 bales from Sadiqabad was finalised at season’s highest level of Rs9,100 per maund.

According to market sources, textile spinning units strived hard to get hold of maximum deals that came their way. Most deals were finalised at higher rates indicating that buyers are keen to replenish their stocks form local cotton. Nevertheless, big spinning groups are equally engaged in imports of cotton.

On global front, indications of re-opening of trade negotiations between US and China had positive impact on leading cotton markets. New York cotton market remained closed on account of Columbus Day holiday but earlier it gained 3 cents. The Chinese and Indian cotton markets also closed steady amid routine trading activity.

The Karachi Cotton Association (KCA) spot rates were raised by Rs50 to Rs8,850 per maund.

The following deals were reported to have changed hands on ready counter: 4,000 bales, station Khairpur, at Rs8,750-8,900; 1,000 bales, Saleh Pat, at Rs8,800; 2,000 bales, Rajanpur, at Rs9,000; 1,400 bales, Alipur, at Rs8,800-8,850; 800 bales, Yazman Mandi, at Rs8,900-8,950; and 600 bales, Fort Abbas, at Rs9,000.

Published in Dawn, October 15th, 2019