KARACHI: Steady conditions prevailed on the cotton market on Saturday where prices remained on higher side owing to shortage of quality lint and strong demand from spinners.

However, ginners holding limited cotton stocks seem to be in no hurry to enter into deals in anticipation of getting higher price in the future, brokers added.

Consequently, the limited number of deals finalised on ready counter were made at higher prices.

The KCA left its spot rates unchanged.

The following deals were finalised on ready counter: 400 bales from Ghotki done at Rs5250, 376 bales Ahmedpur at Rs5200, 400 bales Rahimyar Khan at Rs5400, 200 bales Uch Sharif at Rs5400, 224 bales Dera Ghazi Khan at Rs5450, 350 bales Bahawalpur at Rs5500 and 600 bales Burewala at Rs5500.

World cotton markets, however, generally remained easy on sluggish off-take. The New York cotton market finished lower for third consecutive session where all the future contracts ended with fresh falls.

The following are Saturday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16” micronair value between 3.8 to 4.9 NCL.

Published in Dawn, April 19th, 2015

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