KARACHI, Sept 14: Amid short phutti supply and strong demand by spinners and exporters cotton prices were pushed higher to the season’s record level on Saturday.
Floor brokers said that situation would stay tight till phutti arrival improves which is expected by the end of this month. The spinners mostly made a debut of new season with a depleted cotton inventory owing to short crop last year.
Consequently, there is a strong demand from millers which kept pushing cotton prices higher. The phutti (seed cotton) prices also touched record level at Rs3,300 per 40kg. The salient feature of today’s trading had been that Punjab variety cotton recouped and finished higher at season’s best price of Rs7,000 per maund.
Reports emerging from Punjab cotton fields indicate that recent rains has positive impact on plants which are now giving larger and healthier cotton balls and flowering.
The Karachi Cotton Association (KCA) spot rates finished higher by Rs100 per 37.324 kg and trading on ready counter was active. The New York cotton market finished easy where all future contracts recorded falls.
The following deals changed hands on ready counter: 1,000 bales, Shahdadpur, at Rs6,925 to Rs7,000, 800 bales, Tando Adam, at Rs6,950, 1,000 bales, Sanghar, at Rs6,950, 1,200 bales, Mirpurkhas, at Rs6,925 to Rs6,950,1,000 bales, Chichawatni, at Rs 6,925 to Rs7,000, 1,000 bales, Haroonabad, at Rs7,000,600 bales, Mian Chano, at Rs7,000, 1,000 bales, Khanewal, at Rs7,000.