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