MULTAN: Lint prices maintained bullish outlook on cotton market on Saturday due to strong demand from spinners and mills amid falling unsold stocks with the ginners.

However, the Karachi Cotton Association kept its spot rates unchanged at Rs9,000.

Brokers said the Pakistan Cotton Ginners Association in its latest fortnightly report said that the unsold stocks stood at 0.942 million bales up to Jan 15, showing a drop of 42.80pc when compared with 1.646m bales in the corresponding period last year.

The following deals were reported to have changed hands on the ready counter: 400 bales, Fort Abbas, at Rs9100; 1,000 bales, Sadi­qabad, at Rs9,150-Rs9,300; 1,400 bales, Rahim Yar Khan, at Rs9,250-Rs9,150; 200 bales (low quality), Vehari, at Rs7,800; 200 bales, Lodhran, at Rs8,400; 600 bales, Layyah, at Rs8,350 and 200 bales, Alipur, at Rs8,900.

They said that mills were willing to purchase, but ginners were reluctant to oblige them anticipating the price will touch Rs10,000 per maund mark.

Published in Dawn, January 19th, 2020