Strong buying from spinners and some exporter moved up cotton prices by Rs50 to Rs100 on Thursday at the Pakistan cotton market. Many millers
rushed to replenish their stocks at current price level in the wake of higher cotton consumption figures released by the ginnersâ€™ body.
Much of the activity, however, remained confined to quality lint. As the current season is drawing to a close, quality lint is in shortage, hence expensive.
Besides, lesser stocks of unsold cotton held by ginners could be another worrisome factor for spinners who did some panic buying which pushed prices higher, according to brokers
The Karachi Cotton Association (KCA) raised its spot rates by Rs50, to Rs4,950 per maund.
Major deals finalised on ready counter were: 600 bales Faqirwali at Rs4,800 to Rs4,825, 600 bales Fort Abbas at Rs4,850 to Rs4,875, 800 bales Chichawatni at Rs4,850 to Rs4,900, 2,000 bales Sadiqabad at Rs5,000 to Rs5,100, 1,000 bales Alipur at Rs5,075 to Rs5,100, 1,000 bales Rahimyar Khan at Rs5,100, 1,000 bales LiaquÂ¬atpur at Rs5,100, 600 bales Chani Goth at Rs5,100, 1,000 bales Dera Ghazi Khan at Rs5,100, 600 bales
Shujabad at Rs5,100 and 3,000 bales Khanpur at Rs5,150 to Rs5,150 to Rs5,200.
The following werer Thursdayâ€™s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16â€ micronair value between 3.8 to 4.9 NCL.
On the global front, the world cotton markets also moved higher with the New York cotton finishing higher for all future contracts.
The Indian cotton market is reported to be steady.
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