Increase in cotton prices was witnessed on Wednesday due to short supply and strong demand from spinners. According to market estimates, the current stocks of cotton in Pakistan are sufficient only to meet textile industryâ€™s demand till end-April.
The delay in sowing of next cotton crop (2015-16) is also creating panic among spinners who will have to wait for another four to five months to get stocks from new crop.
According to cotton analyst Naseem Usman, next cotton crop would start flowing by end-July on a small scale because early sowing in Punjab could be done due to long spell of rains and extended cold weather in Sindh.
The Karachi Cotton Association (KCA) revised its spot rates upward by Rs50 to Rs5,050 per maund. Most deals on ready counter were also finalised on higher rates.
The following major deals were made on ready counter: 600 bales from Chundko done at Rs4,800, 1,000 bales Yazman Mandi at Rs4,950, 1,000 bales Rahimyar Khan at Rs5,200, 1,200 bales Sadiqabad at Rs5,200, 1,000 bales Alipur at Rs53,00, 1,000 bales Shaher Sultan at Rs5,300, 100 bales Uch Sharif at Rs5,300, 400 bales Shahdadpur at Rs4,575 and 400 bales Faqirwali at Rs4,950.
The following are Wednesdayâ€™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 New York cotton remained under pressure where prices closed lower for all the future contracts for second consecutive session.
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