Rising trend seen in cotton prices on Tuesday with panic buying for quality lint from buyers. With Phutti (seed-cotton) arrivals remaining high, quality issues continue to haunt the textile industry.
Growers have been raising phutti prices against which ginners were forced to increase cotton prices. On ready deals, prices moved higher to Rs6,500 per maund. Resultantly, official rates were also adjusted upward.
Phutti prices moved higher to Rs2,700-3,100 for Sindh variety and Rs2,950-3,250 per 40kg for Punjab quality. This pushed lint prices higher on strong demand for quality cotton from spinners.
However, there are strong indications that cotton crop has been badly affected by current heat wave in Punjab and by monsoon rains in lower Sindh. Though the crop size would be higher, but the quality of the crop is likely to be affected.
At the ready counter following major deals were reported to have changed hands: 1,600 bales, Shahdadpur, at Rs5,600 to Rs5,800; 3,000 bales, Khairpur, at Rs6,300 to Rs6,400; 1,600 bales, Daharki, at Rs6,400 to Rs6,500; 1,600 bales, Ghotki, at Rs6,400 to Rs6,500; 1,600 bales, Saleh Pat, at Rs6,350 to Rs6,400; 1,400 bales, Rohri, at Rs6,350 to Rs6,400; 1,000 bales, DG Khan, at Rs6,350 to Rs6,500; 2,200 bales, Rahimyar Khan, at Rs6,350 to Rs6,450; 1,000 bales, Khanewal, at Rs6,375; 1,800 bales, Layyah, at Rs6,285 to Rs6,350; 4,200 bales, Mianwali, at Rs6,350 to Rs6,350; 1,600 bales, Burewala, at Rs6,350 to Rs6,275; 1,000 bales, Chichawatni, at Rs6,150 to Rs6,200; 2,000 bales, Fort Abbas, at Rs6,175 to Rs6,200; and 800 bales, Rajanpur, at Rs6,500.
At the Karachi Cotton Association (KCA) spot rates was increased by Rs150 per maund narrowing the widening gap between ready and official rates by only Rs200 per maund. The KCA spot rates were revised upwards by Rs150 to Rs6,300 per maund.
On global front, New York cotton prices also surged on reports of cyclone and rains in the cotton growing state of Texas while Chinese market opened on firm note.
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