Prices up over sustained demand for quality lint from needy spinners to meet their seasonal requirements at cotton market on Monday. Most of the deals were finalised at higher rates. Spinners striving to cover up their positions also booked some lower grade cotton at higher price. The ginners are holding less than 0.6 million bales, brokers said.
Fast depleting stocks held by ginners and shortage of quality lots continue to panic small spinners. Fear of delay in arrival of next crop due to water shortage in lower Sindh was also a matter of great concern for the textile industry.
According to reports many spinners who recently participated in yarn fair in Shanghai, China were offered many import orders for yarn from Pakistan but there were some price difference which disallowed deals to be finalised.
At the Karachi Cotton Association (KCA), spot rates remained steady at weekend level. The following deals reported to have changed hands on the ready counter were 2,000 bales, Dherki, at Rs7,700; 400 bales, Ghotki, at Rs7,725; 600 bales, Rahimyar Khan, at Rs7,500; 223 bales, Burewala, at Rs7,200; 400 bales, Khanewal, at Rs6,300; and 200 bales, Shehar Sultan, at Rs7,400.
At Karachi Cotton Exchange on Monday, slow trading activity was witnessed, while spot rates remained unchanged. The spot rates stood firm at Rs7,500/maund (37.324kg) and Rs8,038/40kg. Ex-Karachi rates also increased to Rs7,645/maund and Rs8,193/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
According to an analyst, mixed trend was observed during the trading. Currently, only 500,000 bales are left with the ginners.
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