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

Opinion

Editorial

Quetta bombing
10 Nov, 2024

Quetta bombing

THERE appears to be no end to the stream of violent incidents occurring in Balochistan, indicating a clear failure ...
Burdened courts
10 Nov, 2024

Burdened courts

ACCORDING to recent reports, the new chief justice has set about implementing a recently adopted plan for clearing...
Playing in Pakistan
10 Nov, 2024

Playing in Pakistan

MOHSIN Naqvi, Pakistan’s cricket chief, has shown a brave face. Now he has to be unrelenting and put the onus on...
Wake-up call
Updated 09 Nov, 2024

Wake-up call

Pakistan must heed UN's wake-up call and bring its laws and practices in line with its international human rights obligations.
Foreign banks’ exit
09 Nov, 2024

Foreign banks’ exit

WHY are foreign banks leaving Pakistan? In the last couple of decades, we have seen a number of global banking...
Kurram protest
09 Nov, 2024

Kurram protest

FED up with the state’s apathy towards their plight, the people of Kurram tribal district took to the streets on...