KARACHI: Cotton prices rose on ready deals because of sustained demand for quality lint from spinners. However, short supply coupled with reluctance on part of ginners to sell, kept trade volume low.
Floor brokers said strong demand for superior quality lint is keeping prices on the higher side, particularly when ginners are also trying to hold back their depleted stocks to get better price in the future.
The long spell of rains in Punjab and winter season in Sindh has delayed cotton crop sowing. According to brokers’ assessment, the arrival of next cotton crop (2015-16) will not be possible before end-July or early August. This would mean that the textile industry will be facing a long gap of three months.
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Brokers said cotton prices reached Rs5,400 per maund for the first time during the current season. The Karachi Cotton Association (KCA) raised its spot rates by Rs50 to Rs5,150 per maund.
Deals finalised on ready counter included: 600 bales from Shahpur Chakar done at Rs4100, 400 bales Shujabad at Rs4900, 600 bales Khanewal at Rs5300, 400 bales Uch Sharif at Rs5300, 800 bales Alipur at Rs5300, 600 bales Shaher Sultan at Rs5300, 1000 bales Maroot at Rs5350, 400 bales Sadiqabad at Rs5300 and 200 bales Sadiqabad (conditional) at Rs5400.
The New York cotton market gave mixed trend where maturing contracts ended with fresh falls and far-off contracts closed with modest gains.
The following are Friday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16” micronair value between 3.8 to 4.9 NCL.
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