Trading was moderately active on Thursday due to availability of quality lint which was picked up by needy spinners who eagerly replenished their stock. This renewed buying interest moved cotton prices higher.
Last week around 0.5 million bales deals were reported but now only 0.7m bales are currently available in the country.
As the current season (2017-18) is coming to an end, lint stocks with ginners are dwindling fast owing to increased demand. However, quality cotton is in short supply which is a cause of concern for spinners.
While leading spinners are currently engaged in clearing imported cotton from Customs, small- and medium-sized spinners with little resources are totally dependent on local lint.
A leading cotton broker and former president Rahimyar Khan Chamber of Commerce and Industry, Mian Mahmood Ahmed said that if the government does not come up with new agriculture policy, production of cotton crop will shrink further in the next season. The powerful lobby of sugar millers will readily capture cotton areas for sugarcane cultivation.
At the Karachi Cotton Association (KCA) spot rates were revised upward by Rs100 to Rs7,200 per maund. The following deals finalised on ready counter were 1,200 bales, Daharki, at Rs7,775 to Rs7,800; 800 bales, Sakrand, at Rs6,600; 600 bales, Saeedabad, at Rs6,600; 200 bales, Hala, at Rs6,500; 603 bales, Shaher Sultan, at Rs7,500; 3,400 bales, Rahimyar Khan, at Rs7,200; and 400 bales, Khanewal, at Rs6,850.
On the global front, world leading cotton markets gave mixed trend with New York cotton regaining its previous dayâ€™s losses. The Chinese cotton market was easy but Indian market was mixed.
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