KARACHI: Rising price trend continued on the cotton market on Friday as demand for quality lint intensified. Brisk activity pushed cotton prices to a record Rs10,000 per maund.

According to market sources, some high quality cotton deals from Daharki, Ghotki and Dera Ghazi Khan were finalised at Rs10,000 per maund – season’s highest rate so far. Phutti (seed cotton) prices also shot up owing to short supply of quality cotton, brokers said.

Reports coming from fields indicate that some locust attacks have happened in cotton growing areas of Muzaffargarh in Punjab. However, the damage to cotton crop remained below the threshold.

On the global front, New York cotton came under pressure after weekly cotton exports figures were released showing a decline of 23 per cent in exports. The biggest buyers of US cotton are Turkey and Pakistan.

The Karachi Cotton Association (KCA) spot rates were firm at Rs9,450 per maund.

The following deals were reported to have changed hands on ready counter: 1,000 bales, station Khairpur, at Rs9,100-9,200; 1,000 bales, Saleh Pat, at Rs9,300-9,450; 1,000 bales, Ghotki, at Rs9,600-9,700; 1,000 bales, For Abbas, at Rs9,375-9,400; 800 bales, Haroonabad, at Rs9,375-9,400; 1,000 bales, Jalalpur, at Rs9,500; 800 bales, Ahmedpur, at Rs9,500; and 800 bales, Sadiqabad, at Rs9,700.

Published in Dawn, November 2nd, 2019

Opinion

Editorial

‘Source of terror’
29 Mar, 2024

‘Source of terror’

ALTHOUGH dealing with the presence of terrorist groups in Afghanistan is a major political, security and strategic...
Chipping in
29 Mar, 2024

Chipping in

FEDERAL infrastructure development schemes are located in the provinces. Most such projects — for instance,...
Toxic emitters
29 Mar, 2024

Toxic emitters

IT is concerning to note that dozens of industries have been violating environmental laws in and around Islamabad....
Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...