Cotton prices become invincibly high as demand rises

Cotton prices become invincibly high as demand rises

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KARACHI: Spinners vying for quality lint has kept prices stagnant, yet high, on the cotton market on Wednesday amid fears of delay in arrival of next crop. Reports indicate that many parts in lower Sindh are still not getting irrigation water causing delay in cotton yield. Consequently, some spinners resorted to bulk buying but short supply restricted trading activity.

According to a broker, Mirpur growers complained that irregular supply of irrigation water was hampering cotton sowing which may unfavorably impact the overall crop size.

The world leading cotton market remained easy under the lead of New York Cotton Exchange.

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The Karachi Cotton Association (KCA) left its spot rates firm at overnight level of Rs7,500 per maund.

The following deals were reported to have changed hands on the ready counter: 597 bales, Khadro, at Rs5,900; 1,200 bales, Sadiq­abad, at Rs7,800; 400 bales, Rahimyar Khan, at Rs7,800; 1,400 bales, Khanpur, at Rs7,200 to Rs7,750; 400 bales, Bago Bahar, at Rs7,800; 1,000 bales, Noor­pur Noranga, at Rs7,100; 800 bales, Rajanpur, at Rs6,700; and 400 bales, Nousakot, at Rs7,800.

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