KARACHI: Sustained demand pushed prices up on cotton market on Monday as needy spinners offered higher bids for quality lint to meet their seasonal requirements.

Fast depleting stocks held by ginners and shortage of quality lots continue to panic small spinners.

Fear of delay in arrival of next crop due to water shortage in lower Sindh was also a matter of great concern for the textile industry.

Most of the deals were finalised at higher rates. Spinners striving to cover up their positions also booked some lower grade cotton at higher price. The ginners are holding less than 0.6 million bales, brokers said.

According to reports many spinners who recently participated in yarn fair in Shanghai, China were offered many import orders for yarn from Pakistan but there were some price difference which disallowed deals to be finalised.

The Karachi Cotton Association (KCA) left its spot rates steady at weekend level.

The following deals were reported to have changed hands on the ready counter: 2,000 bales, Dherki, at Rs7,700; 400 bales, Ghotki, at Rs7,725; 600 bales, Rahimyar Khan, at Rs7,500; 223 bales, Burewala, at Rs7,200; 400 bales, Khanewal, at Rs6,300; and 200 bales, Shehar Sultan, at Rs7,400.

Published in Dawn, March 20th, 2018