The Newspaper's Staff Reporter
March 01, 2018
KARACHI: Strong demand for quality cotton pushed prices higher on Wednesday, however activity could not pick up owing to short supply of lint. As the current cotton season nears its end, many spinners who are short of stocks are in panic mode. Phutti (seed cotton) arrival has also slowed down to an extreme level – a strong indicator that very little cotton would now be available in the country.
The world leading cotton market, after opening on easy note, closed higher including New York cotton which registered gains for all the future contracts. The Indian market suddenly became volatile and within two days recorded a surge of Rs1,000 per candy to Rs48,000. However, it was surprising to note that Karachi Cotton Association (KCA) after a delay revised spot rates by Rs100 to Rs7,000 per maund.
Trading on the ready counter remained slow and only three deals were reported. The following deals officially reported to have changed hands: 3,700 bales, Sadiqabad, at Rs7,400; 600 bales, Khanpur, at Rs7,275; and 200 bales, Rajanpur, at Rs7,000. (Source: Dawn.com)