KARACHI, Nov 22: Cotton market on Monday resumed trading on a higher note as spinners and mills were not inclined to take even a technical breather as no one among them was inclined to miss the bandwagon.

“There appears to be a mad rush to grab the floating stocks irrespective of price tag in the backdrop of a short crop”, said a leading cotton broker, but some others said the lint price spike is fuelled by the higher phutti prices”.

Later in the evening, some of the big deals were done well above Rs9,000 per maund as ginners are now eyeing the figure of Rs10,000.

According to local ginners farmers are not inclined to sell their phutti below Rs4,000 per maund and that is why the lint prices are ruling higher owing to speculative activity.

“The cotton market is literally in the hands of the grower despite the fact the leading among them have already sold their stocks at Rs3,500 to 4,000 per maund”, they said, adding: “Those including some big ones still hold on to their long positions are setting the market trend”.

Official spot rates were quoted further higher at Rs8,500 per maund but most of the deals in the ready section were done well above them.

The following are some of the notable deals reported in the ready section late on Monday evening;

SINDH TYPE: 1,200 and 800 bales, Nawabshah, Shahdadpur and 400 bales Hala at Rs8,800, 800 bales, Mirpurkhas at Rs8,700 to 8,850, and 2,000 bales, upper Sindh at 9,000.

PUNJAB VARIETY: 3,600 bales Khanpur and 2,000 bales, Sadiqabad at Rs9,000, 600 bales, Khanewal at Rs8,700, 1,000 bales, Haroonabad at 8,800, 400 bales, Bahawalpur at 8,950, 1,000 bales, Rahimyar Khan at 8,800 to 9,000, 600 bales, Fort Abbas at 8,900, 1,600 bales, Burewala at 8,900 to 9,000 and 400 bales, Rajanpur at 9,000, and 400 bales, Shujaabad at 8,8,00.

Opinion

Sialkot speaks
31 Jul 2021

Sialkot speaks

The PML-N leadership is shell-shocked. A drubbing by the PTI in Sialkot? In the heart of Sharif territory?
Who messed up Afghanistan?
Updated 31 Jul 2021

Who messed up Afghanistan?

Russia and USA are squarely responsible for Afghanistan’s tragedy but Pakistan is certainly not innocent.

Editorial

China-Taliban meeting
Updated 31 Jul 2021

China-Taliban meeting

WITH the government in Kabul appearing to stand on very fragile foundations, and as the clock ticks down to the ...
31 Jul 2021

Outages in Makran

IT is no surprise that people in Balochistan’s Makran Division have of late taken to the streets to protest in the...
31 Jul 2021

Reduction in polio cases

AFTER the long and tedious efforts of those running the national polio programme, there are signs that Pakistan ...
30 Jul 2021

Judge’s elevation

A CONTROVERSY roiling the legal fraternity for a few weeks has come to a head. It was precipitated by the Judicial...
PTI’s Sialkot win
30 Jul 2021

PTI’s Sialkot win

The PML-N’s internal duality is a particularly acute factor that is dragging down the party in electoral contests.
30 Jul 2021

Attack on Chinese

AN attack targeting two Chinese nationals in Karachi on Wednesday should put the security apparatus on alert in ...