Strong demand from spinners provoked by dwindling stock with ginners for the current season crop are creating panic buying from needy spinners who are eager to replenish their stock due to which cotton prices has surged.
Floor brokers said that strong demand for quality lint pushed prices to new record high on ready counter with highest quoted prices going up to Rs5450 per maund.
However, the Karachi Cotton Association (KCA) spot rates remained unchanged at previous level.
The following deals were reported to have changed hands on ready counter: 540 bales from Rohri done at Rs4700, 400 bales from Sahiwal at Rs5150, 600 bales from Mianwali at Rs5225 to Rs5300, 2000 bales from Alipur at Rs5300, 200 bales from Sadiqabad at Rs5300, 1200 bales from Hasilpur at Rs5300, 600 bales from Rahimyar Khan at Rs5300, 400 bales from Rahimyar Khan (conditional) at Rs5450 and 800 bales from Dera Ghazi Khan at Rs5300 to Rs5375
On the global front, the rising tension in the Middle East owing to Yemen crisis has started jolting world markets, including cotton, as prices stared to move down. However, prices in domestic market moved higher owing to short supply of quality lint and dwindling stocks.
The world cotton markets remained under pressure with New York cotton recording fresh fall for all future contracts.
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