KARACHI: The rising trend in cotton prices continued on Wednesday with rates touching Rs9,700 per maund as sustained buying kept the proceedings ­ ­bullish.

Short crop continues to haunt textile spinners who are trying to procure big lot deals.

In 2011-12, local cotton prices hit a higher level as the country had exportable surplus. China was a major buyer of Pakistani lint that season.

Unfortunately, in the ongoing 2019-20 season, cotton prices have soared because of short crop, with an expected gap of around 5 million bales. Another factor which is sending shock waves into textile industry the snapping of trade relation with Indian, brokers said.

In order to meet a huge gap between demand and supply, textile industry will have to import cotton from the US and Brazil which would mean higher costs and long period required for arrival, brokers added.

Internationally, New York cotton continued to firm up while Chinese and Indian cotton markets were mixed to easy.

The Karachi Cotton Association (KCA) spot rates were revised upward further by Rs50 to Rs9,350 per maund.

The following deals were reported to have transpired on ready counter: 1,400 bales, station Khairpur, at Rs9,100; 600 bales, Ghotki, at Rs9,550; 1,400 bales, Yazman Mandi, at Rs9,125-9,250; 1,000 bales, Fort Abbas, at Rs9,300-9,400; 1,600 bales, Sadiqabad, at Rs9,600; 600 bales, Rahim Yar Khan, at Rs9,600; and 800 bales, Khanpur, at Rs9,600.

Published in Dawn, October 31st, 2019

Must Read

Opinion

Editorial

Hybrid worries
Updated 13 Jul, 2025

Hybrid worries

Once elected office is reduced to theatre, useful only for maintaining appearances, it becomes a stage for managing perceptions rather than exercising power.
Bitter taste
13 Jul, 2025

Bitter taste

THE government’s plan to import 350,000 tonnes of sugar, months after allowing the export of more than twice that...
No red lines
13 Jul, 2025

No red lines

THE US’ move to sanction Francesca Albanese, the UN’s Special Rapporteur on human rights in the occupied...
Gruesome murders
Updated 12 Jul, 2025

Gruesome murders

Long-term security can only be achieved when there is equitable development across Balochistan.
Solar policy
12 Jul, 2025

Solar policy

SOLAR net metering reforms are back in the limelight. On Thursday, Power Minister Awais Leghari announced that he...
New hope
12 Jul, 2025

New hope

EDUCATION shapes the destiny of a nation. Sadly, Pakistan’s public education sector is experiencing a national...