Strong demand from needy spinners and some exporters pushed lint prices higher and kept trading activity brisk on the cotton market for the second consecutive session on Thursday. Consequently, during second half of the trading session selling pressure checked the rising trend in prices.
However, by and large buyers remained in the forefront and tried to get hold of quality lots. As a result prices moved higher by Rs50 in ready trading. The official spot rates were also revised higher by Rs50 to Rs6,100 per maund.
The following major deals were reported on Thursday: 1,600 bales, Mirpurkhas, at Rs6,050 to Rs6,100; 1,200 bales, SangÂ¬har, at Rs6,100 to Rs6,150; 2,000 bales, Tando Adam, at Rs6,100 to Rs6,150; 2,000 bales, Shahdadpur, at Rs6,100 to Rs6,150; 1,200 bales, Nawabshah, at Rs6,140 to Rs6,200; 1,000 bales, Shahpur Chakar, at Rs6,175 to Rs6,200; 1,200 bales, Burewala, at Rs6,275 to Rs6,350; 800 bales, Bahawalpur, at Rs6,300; 400 bales, Lodhran, at Rs6,300; 1,200 bales, Haroonabad, at Rs6,350; 1,200 bales, Mian Chano, at Rs6,350; 800 bales, Vehari, at Rs6,300 to Rs6,350; and 400 bales, Bakhar, at Rs6,350.
At the Karachi Cotton Exchange active trading continued on Thursday, while spot rates increased Rs50/maund to Rs6,100/maund (37.324kg) and Rs6,537/40kg. Ex-Karachi rates also increased to Rs6,245/maund and Rs6,692/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
According to an analyst, cotton arrivals has improved after long Eid holidays and also prices moved up with strong demand of lint in the local market.
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