KARACHI: Renewed buying interest pushed cotton prices up on Tuesday as many spinners replenished their stocks after witnessing stability in rupee value.

A surge in New York cotton prices — which rose by over US two cents and managed to cross US80 cents per lb — was also a major influencing factor.

Meanwhile, growers are holding onto their phutti (seed cotton) stocks in order to get higher prices in future. Ginners too are reluctant to part ways with the commodity.

Consequently, phutti prices mostly remained on the higher side with Sindh and Punjab varieties being quoted in the range of Rs3,800-4,200 and Balochis­tan in the range of Rs3,800-4,300 per 40kg.

The Karachi Cotton Association (KCA) also revised spot rates upwards by Rs50 to Rs8,800 per maund.

The following deals were reported to have changed hands on ready counter: 2,000 bales, station Tando Adam, at Rs8,300-8,475; 3,000 bales, Nawabshah, at Rs8,475-8,500; 2,000 bales, Khairpur, at Rs8,700-8,800; 800 bales, Mirpur Mathelo, at Rs9,000-9,100; 1,200 bales, Saleh Pat, at Rs8,800-8,900; 3,000 bales, Rajan­pur, at Rs8,850-9,000; 2,200 bales, Sadiqabad, at Rs8,900-9,000; 1,400 bales, Rahim Yar Khan, at Rs8,900-9,000; 1,200 bales, Fazilpur, at Rs9,000; 2,000 bales, Haroonabad, at Rs8,500-8,575; 400 bales Dunga Bunga, at Rs8,475-8,500; 600bales, Jalalpur, at Rs9,000; 400 bales, Shuja­bad, at Rs9,000; 400 bales, Bahawalpur, at Rs9,000; and 400bales, Mohammad Pur Diwan, at Rs9,000.

Published in Dawn, October 24th, 2018

Download the new Dawn mobile app here:

Google Play