Commodities : Cotton prices go up
KARACHI: Strong demand for quality lint pushed prices higher on the cotton market on Wednesday. However, activity remained restricted as ginners were reluctant to sell their limited stocks.
Floor brokers said that as the current cotton season has closed and ginners are holding limited stocks of cotton the trading activity would remain slow and restricted till the arrival of new crop.
The delay in wheat harvesting is also affecting cotton sowing in upper Punjab and this has added to the woes of growers who are already under pressure due to climate change.
The world cotton markets remained mixed where New York cotton market finished divergent. However, Indian and Chinese markets remained steady.
The Karachi Cotton Association (KCA) raised its spot rates by Rs50 to Rs5,400 per maund.
The following deals were reported to have materialised on ready counter: 200 bales from Multan done at Rs5250, 400 bales Shujabad at Rs5250 to Rs5325, 800 bales Vehari at Rs5400 to Rs5500, 600 bales Rahimyar Khan at Rs5600, 600 bales Alipur at Rs5600 and 400 bales Shahair Sultan at Rs5600.
Published in Dawn, May 7th, 2015
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