KARACHI: Trading was brisk on the cotton market on Thursday where spinners readily paid higher prices for quality lint.

Floor brokers said that many millers running short of cotton stocks rushed to replenish their inventories. The expected late arrival of next crop is also forcing many spinners to build their position, they added.

Many deals were finalised at a record seasonal high price at Rs5,800 per maund, but most of them were conditional. These deals were mostly made in quality lint, brokers said.

The Karachi Cotton Association (KCA) spot rates were firm at previous level.

The following deals were finalised on ready counter: 400 bales from exporter mill done at Rs5400, 2500 bales mill to mill at Rs5575, 600 bales Multan at Rs4850 to Rs5500, 400 bales Ghazi Ghat at Rs5550, 400 bales Shahair Sultan at Rs5550, 600 bales Alipur at Rs5550, 600 bales Haroonabad at Rs5600, 144 bales Vehari at Rs5600, 1000 bales Khanpur at Rs5765 (conditional) at Rs5765 and 200 bales Bahawalpur at Rs5800 (conditional).

The New York cotton market gave mixed price trend as some future contracts managed to recover their last three session’s losses.

Published in Dawn, May 22nd, 2015

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