Cotton prices remain firm on Friday with steady flow of buying. Prices were being quoted at around Rs7,000 per maund (around 37 kilograms), brokers said. However, much of the trading remained around quality cotton which was in short supply.
There was strong demand for quality cotton, but spinners were disappointed as ginners were reluctant to sell at current rates.
The KCA’s spot rates were firm at overnight level.
Apart from local dynamics, the domestic market is also tracking an uptrend in leading cotton markets.
Major deals that changed hands on the ready counter were: 1,000 bales from Rohri at Rs6,750, 600 bales Haroonabad at Rs6,800, 400 bales Sadiqabad at Rs6,925, 800 bales Rahimyar Khan at Rs6,950, 600 bales Taunsa Sharif at Rs6,950 and 400 bales Ghazi Ghat at Rs6,950.
Market reports suggested that little unpicked phutti (seed cotton) has been left behind in cotton fields, which indicates that the crop size would not be more than 10.08m bales.
Around 3.5 to 4m will have to be imported and spinners to meet the gap have already booked around 2.3m bales.
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