Cotton analyst Naseem Usman said a spell of monsoon rains in Sindh could help growers to go for cotton sowing again in many areas and compensate earlier losses. The world leading cotton markets also maintained an rising drift, with Indian cotton gaining INR100 more to INR 46,600 per candy (356 kg).
New York cotton also recorded modest profits while Chinese cotton closed steady.
Meanwhile market reports suggest that cotton trade is currently under crisis as many deals have ran into dispute because of price variations. Some ginners took long position but failed to deliver while many spinners have backed out due to high price.
Trading on ready counter was justly dynamic and following deals were reported to have changed hands: 1,000 bales, station Tando Adam, at Rs 9,100 to Rs 9,200; 600 bales, Shahdadpur, at Rs 9,100; 200 bales, Hyderabad, at Rs 9,100; 100 bales, Gojra, at Rs 9,100; 200 bales, Samundri, at Rs 9,100; and 200 bales, Haroonabad, at Rs 9,100.
As cotton prices on ready counter crossed Rs 9,000 mark, the official spot rates of the Karachi Cotton Association (KCA) were also raised by Rs 100 to Rs 8,900 per maund. Late sowing of cotton owing to water shortage is delaying phutti arrivals creating lint shortage.
At the debut, prices moved higher and at one stage it touched a peak level of Rs 9,250 per maund. In sympathy, phutti prices also touched historic high level at Rs 4,000 to Rs 4,400 for Sindh variety and Rs 3,800 to Rs 4,500 per 40 kg for Punjab quality.
Cotton prices soared to new high level on Wednesday as short supply of phutti (seed cotton) failed to meet rising cotton demand from the textile industry
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