KARACHI: Cotton prices on Thursday touched the Rs9,750 per maund as buying intensified.

Brokers said lint prices are likely to cross the Rs10,000 per maund mark in coming days as short crop continues to create panic among textile spinning mills.

According to market sources a deal from Ghotki materialised at a record price of Rs9,750 per maund while 2,000 bales from Rahim Yar Khan were done at Rs9,650 to Rs9,700 per maund on ready counter.

Much of the buying originated from textile mills which have no DTRE facility and depend on local cotton. However, those mills which can avail the remission of duty and taxes scheme are seeking imports.

On global front New York and Chinese cotton continued to firm up for all future contracts. However, Indian cotton remained under pressure owing to reports of bumper cotton crop.

The Karachi Cotton Association (KCA) spot rates were raised by Rs100 more to Rs9,450 per maund.

The following deals were reported to have changed hands on ready counter: 3,400 bales, station Ghotki, at Rs9,700; 1,000 bales, Khairpur, at Rs9,000-9,100; 2,000 bales, Rahim Yar Khan, at Rs9,650-9,700; 1,000 bales, Mianwali, at Rs9,475-9,500; 600 bales, Sadiqabad, at Rs9,700; 400 bales, Marrot, at Rs9,500; and 600bales, Haroonabad, at Rs9,400.

Published in Dawn, November 1st, 2019



Updated 25 May, 2022

Back to bedlam

FEAR tactics have never worked in the past, and most likely will not this time either. The government’s ...
25 May, 2022

Balochistan blaze

THE forest fire on the Koh-i-Sulaiman range in Balochistan’s Shirani area is among a series of blazes to have...
25 May, 2022

Unequal citizens

INDIFFERENCE would have been bad enough, but the state’s attitude towards non-Muslims falls squarely in the...
Updated 24 May, 2022

Marching in May

MORE unrest. That is the forecast for the weeks ahead as the PTI formally proceeds with its planned march on...
24 May, 2022

Policy rate hike

THE State Bank has raised its policy rate by 150bps to 13.75pc, hoping that its latest monetary-tightening action...
24 May, 2022

Questionable campaign

OVER the past couple of days, a number of cases have been registered in different parts of the country against...