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