KARACHI: Strong demand for quality lint kept prices on the higher side on the cotton market on Tuesday. However, short supply coupled with lack of interest from ginners to dispose of stocks at current price level kept activity limited. Floor brokers said that fast-depleting stocks with ginners and delay in arrival of next crop are creating panic among spinners who are eager to build up their stocks. The spinners kept offering higher prices but ginners preferred to hold back their stocks in anticipation of getting even higher prices in the coming days. Consequently, most deals were finalised on higher price but the activity was limited due to short supply of quality lint. Markets sources said that next crop would be late by around four weeks while the current high demand has already reduced unsold stocks with ginners. The New York cotton market finished higher for all future contracts while other world markets also remained steady. The Karachi Cotton Association (KCA) spot rates were unchanged at previous level. The following deals were finalised on ready counter: 1800 bales from Rohri done at Rs4800, 4000 bales Ghotki at Rs5250, 1165 bales Muridwala at Rs5000, 400 bales Ahmedpur at Rs5000, 200 bales Pir Mehal at Rs5000, 400 bales Rahimyar Khan at Rs5100, 5100 bales Rahimyar Khan at Rs5290 and 200 bales Alipur at Rs5300.
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