Cotton prices moving further higher to touch a new high level on Thursday due to fast dwindling cotton stocks in the Pakistan cotton market. Many needy spinners continued to look for quality lint, but mostly disappointed.
The textile industry is not only expressing concern over the rapidly falling cotton stocks but also for many export-oriented spinning units who have to meet their foreign commitments are unable to get quality lint.
The fear of long delay in the arrival of next crop, which will not reach ginneries before the end of July, is being feared by textile industry.
Therefore, three months long gap from the end of current month, when current cotton stocks will exhaust, is going to deprive the industry of raw material. The ginners holding limited stocks of cotton are demanding higher prices which disappointed spinners who are keen to get hold of maximum quantity of cotton stocks to meet their demand.
The Karachi Cotton Association (KCA) for second straight session revised spot rates upward by Rs50 to Rs5,250 per maund.
The following deals were reported to have changed hands on the ready counter: 600 bales from Dharki at R5,400, 600 bales from Chichawatni at Rs5,000, 2451 bales from Sadiqabad at Rs5,300, 200 bales from Khanewal at Rs5,500 and 1,000 bales from Khanpur at Rs5,540.
The following were 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.
The world cotton markets also remained firm and moved higher with New York cotton market recorded fresh gains for the second consecutive session. All the future contracts closed with gains.
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