Pakistan : Cotton prices increase

Swift trade was witnessed at the Karachi cotton market on Tuesday. More than 8,000 bales changed hands. The Karachi Cotton Association (KCA) spot rate increased Rs 25 per maund to Rs 2,400 per maund, dealers said.

They attributed brisk activity to the greater demand for lint. The ginners of Sindh and Punjab offloaded their stocks on competitive rates while the private sector commercial exporters remained on the sidelines.

They said leading mills consolidated their positions while the spinners struck deals for cotton of various qualities. The higher demand would increase the lint prices during upcoming sessions, they added. He said Trading Corporation of Pakistan (TCP) would likely float an international tender for exporting around 50,000 bales in a couple of days.

A senior broker said ginners of Punjab offered quality lint on higher prices. The quality lint of Sindh fetched above Rs 2,430 per maund, he added. He said quality lint of Punjab fetched above Rs 2,450 per maund while poor quality lint of Sindh fetched around Rs 2,400 per maund due to higher demand from the spinners.

A broker said physical prices at KCA remained between Rs 2,400 per maund and Rs 2,500 per maund. He said the poor lint of Punjab fetched over Rs 2,410 per maund. According to KCA, 1,000 bales of Ahmadpur East changed hands at Rs 2,450 per maund, 200 bales of Rahimyar Khan at Rs 2,420 per maund, 400 bales of Nawabshah at Rs 2,400 per maund, 600 bales of Sadiqabad at Rs 2,415 per maund, 800 bales of Deepalpur at Rs 2,405 per maund, 800 bales of Sadiqabad at Rs 2,400 per maund, 200 bales of Multan at Rs 2,440 per maund, 400 bales of Jahania at Rs 2,450 per maund and 200 bales of Rajanpur at Rs 2,450 per maund.

New York March future closed at 55.90 cents per lb and May future closed at 57.02 cents per lb. staff report

Dailytimes.com.pk