KARACHI: Cotton prices touched seasonal high of Rs9,000 per maund on Monday as buyers keep chasing quality lint to build up their stocks.

Reports of short crop forced many textile spinners to indulge in panic buying.

Many leading textile spinning groups also booked substantial quantity of cotton from foreign sources to meet the expected local crop shortfall.

The phutti (seed-cotton) prices also rose in line with cotton prices and Baluchistan phutti was quoted at Rs4,200-Rs4,700 per 40kg. Similarly, Punjab and Sindh phutti varieties were quoted in the range of Rs3,700-Rs4,200 per 40kg.The world leading cotton markets, however, remained somewhat slow owing to slow off-take of cotton affected by US-China trade war.

The Karachi Cotton Association (KCA) raised its spot rates by Rs50 to Rs8,700 per maund.

The following deals were reported to have changed hands on ready counter: 1,600 bales, Tando Adam, at Rs7,900 to Rs8,400; 1,400 bales, Shahdadpur, at Rs7,700 to Rs8,100; 1,100 bales, Sanghar, at Rs7,400; 2,000 bales, Khanewal, at Rs9,000; 1,000 bales, Rajanpur, at Rs8,800; 1,000 bales, Tunsa Sharif, at Rs8,800; and 1,600 bales, Khairpur, at Rs8,700 to Rs8,800.

Published in Dawn, October 1st, 2019