KARACHI: Strong demand for quality lint amid short supply pushed prices to seasonal high on the cotton market on Friday.

Floor brokers said that as the current cotton season is reaching fag end and unsold stocks lying with ginners are very limited, the millers fearing delay in arrival of next crop are striving to build up stocks.

The Karachi Cotton Association (KCA) raised its spot rates by Rs50 to Rs5,300 per maund after reduction of the same amount a day earlier.

The following deals were finalised on ready counter: 1000 bales from Mirpurkhas done at Rs4000 to Rs4100, 400 bales Ghotki at Rs5300 to Rs400, 500 bales Yazman Mandi at Rs5275, 400 bales Layyah at Rs5450, 600 bales Bahwalpur at Rs5500 and 300 bales Vehari at Rs5500.

On the global front, New York cotton market slightly managed to recover as all the future contracts ended with mild gains.

The Indian cotton market remained firm as the Indian Cotton Corporation (ICC) has reportedly procured huge quantity of cotton, helping sweep surplus cotton from domestic market.

The following are Friday’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 25th, 2015

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