KARACHI: Cotton prices on Monday surged to a new high of Rs9,200 per maund on ready trading. Meanwhile market reports suggest that in late evening trading, a deal from upper Sindh was done at Rs9,300 per maund — season’s record high.

The textile industry is firmly focused on quality lint. Strong demand for the commodity is keeping prices high. However, leading textile spinning groups are eyeing imports and have so far booked a substantial quantity of lint in order to meet the expected huge shortfall of around 5 million bales.

Cotton analyst Naseem Usman said most textile units are keen on replenishing their stocks from local cotton as it would take import consignments a minimum of 2-3 months to reach Karachi port.

The world leading cotton markets including New York stood firm. Chinese and Indian cotton markets were also steady.

The Karachi Cotton Association (KCA) spot rates were raised by Rs50 to Rs9,000 per maund.

The following deals were reported to have changed hands on ready counter: 2,000 bales, Khairpur, at Rs8,875-9,000; 1,200 bales, Saleh Pat, at Rs8,900-9,000; 1,000 bales, Pano Aqil, at Rs9,200; 1,000 bales, Mirpur Mathelo, at Rs9,200; 1,000 bales, Sadiqabad, at Rs9,200; 1,000 bales, Rahim Yar Khan, at Rs9,200; 600 bales, Mianwali, at Rs9,175-9,200; 600 bales, Shujabad, at Rs9,050; and 600 bales, Haroonabad, at Rs9,200.

Published in Dawn, October 22nd, 2019