Rising cotton prices continued with shortage of quality lint unabated on Tuesday, with rates of the commodity soaring to Rs8,100 per maund â€“ the highest for the ongoing season so far. Brokers said that ginners have started to hold back their stocks, anticipating that the prices would move higher in coming days, creating artificial shortage and they would reap even bigger profits.
According to cotton analysts Naseem Usman, it has completely turned into a â€˜sellers marketâ€™. Almost all factors are currently in favour of sellers who are fully taking advantage of the short crop, shortage of quality cotton and increasing lint prices in world leading markets.
According to details, a deal of 2,000 bales from Khanpur were transacted late in the evening at Rs8,100 per maund â€” current seasonâ€™s highest price. The other deals on ready counter were also materialised at higher rates of around Rs8,000 per maund.
As a result, phutti prices also increased in both Sindh and Punjab varieties which were quoted around Rs2,900-3,600 per 40kg.
The Karachi Cotton Association (KCA) for fourth consecutive sessions revised prices upward by Rs100 to Rs7,600 per maund.
The following deals were reported to have changed hands on ready counter: 1,000 bales, Daharki, at Rs8,000; 800 bales, Khanpur Maher, at Rs8,000; 400 bales, Ghotki, at Rs8,000; 400 bales, Mirpur Mathelo, at Rs8,000; 400 bales, Liaquatpur, at Rs8,000; 800 bales, Dera Ghazi Khan, at Rs6,600; 5,200 bales, Khanewal, at Rs7,175 to Rs7,600; 1,600 bales, Haroonabad, at Rs6,750 to Rs7,500; 800 bales, Chichawatni, at Rs6,800 to Rs7,400; 400 bales, Burewala, at Rs7,200; and 400 bales, Mianwali, at Rs6,900.
On global front, during the last two days cotton prices in India moved lower due to a sudden surge in phutti (seed cotton) arrival. However, New York and Chinese cotton markets remained firm.
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