After losing ground during last fortnight, cotton prices once again picked up. Cotton prices moved higher on strong demand for quality lint on Monday. However, activity remained restricted due to short supply of lint stocks.
It was interesting to note that prices once again moved beyond Rs7,000 per maund, with the highest rate quoted at Rs7,500 per maund. However, short supply of quality cotton owing to falling cotton stocks restricted activity, leaving many spinners disappointed.
The cotton yarn market also started to show some signs of activity which induced sentiment. According to market sources, both the cotton yarn and grey fabric markets have started to revive, generating activity in the lint market.
At the Karachi Cotton Exchange, dull trading continued on Monday, while spot rates remained firm.The spot rates remained unchanged at Rs6,900/maund (37.324kg) and Rs7,395/40kg. Ex-Karachi rates also stood firm at Rs7,045/maund and Rs7,550/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
Although cotton prices on ready counter moved higher up to Rs7,500 per maund, the official Karachi Cotton Association (KCA) spot rates were unchanged at Rs6,900 per maund.
The following deals were reported to have changed hands on ready counter: 200 bales, Ghotki, Rs7,500; 600 bales, Pul Bagar, Rs7,000; 200 bales, Jalalpur, Rs6,700; and 200 bales, Multan, Rs6,700.
On the global front, the world leading cotton markets were also firm on Monday.
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