Prime quality cotton price surged to five-month high at Rs5,340 per maund (37.324 kilograms) at the local markets on Thursday as many textile mill-owners were taking fresh positions in prime quality cotton because of two reasons; one the leftover stock of the commodity was low. Secondly, the next harvesting of the commodity is delayed by two to four weeks.
According to Naseem Usman, a broker at the Karachi Cotton Exchange, the increase in cotton price is seen following a surge of Rs100 per 40kg in phutti (seed cotton).
Meanwhile, the KCA kept its official spot rate unchanged for the second working day at Rs5,100 per maund.
Traders bought 3,800 bales (155 kilograms each) at Rs4,900 to Rs5,340 per maund, the Karachi Cotton Association (KCA) reported.
Lint prices in Sindh ranged from Rs 4000 to Rs 5200 per maund (37.32 Kgs), while in the Punjab they reportedly ranged from Rs 4800 to Rs 5300 per maund, according to the quality. With diminishing floating stocks in the domestic market and higher advices being received from New York, higher quality cotton remains in good demand.
In Sindh styles, 200 bales of cotton each from Kazi Ahmad and Nawabshah, both are said to have been sold at Rs 5100 per maund. In Punjab cotton, 1000 bales from Kabirwala and 400 bales from Uch Sharif, both reportedly sold at Rs 5300 per maund in a firm market.
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