KARACHI: The cotton prices rose on Wednesday amid sustained buying from millers and exporters. As the procurement of cotton by the Trading Corporation of Pakistan’s (TCP) is gaining momentum, lint prices are also firming up.

Floor brokers said many spinners and exporters rushed to replenish their stocks at prevailing prices fearing rise in lint prices once the TCP steps up procurement.

According to market reports, the TCP in a short period of five days has entered into purchase contracts for 150,000 bales with ginners.

The phutti (seed cotton) prices also moved higher along with lint as ready deals were finalised higher by Rs50 over the previous rate.

World markets continue to stay under pressure where New York cotton managed to recover part of the previous losses. All the future contracts ended with modest gains.

The Karachi Cotton Association (KCA) raised its spot rates by Rs50 to Rs5,050 per maund.

The following major deals changed hands on ready counter: 1,000 bales Sanghar at Rs4,050 to Rs4,150, 2,000 bales Khairpur at Rs5,000, 1,000 bales upper Sindh at Rs5,100 to Rs5,150, 1,000 bales Bahwalnagar at Rs5,125 to Rs5,175, 1,000 bales Yazman Mandi at Rs5,225 to Rs5,250, 1,800 bales Lodhran at Rs5,225, 1,000 bales Ahmedpur at Rs5,225 to Rs5,300, 1,400 bales Liaquatpur at Rs5,250, 1,000 bales Rahimyar Khan at Rs5,250 to Rs5,275, 800 bales Chishtian at Rs5,125, 600 bales Toba Tek Singh at Rs5,200, 800 bales Dera Ghazi Khan at Rs5,250, 600 bales Layyah at Rs5,250 to Rs5,300, 600 bales Mianwali at Rs5,300 and 600 bales Khanpur at Rs5,300.

Published in Dawn, November 13th, 2014