Cotton price up on higher demand

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KARACHI: Cotton price rose for the fourth consecutive session on Thursday on higher demand from spinners and some exporters.

However, towards closing stages and on reports of sudden fall in world cotton markets, lint prices slightly came down, floor brokers said. The correction in prices, however, was limited in front of strong demand.

The US cotton prices fell by two cents per lb and China and India by around Rs300 to Rs400, respectively.

As a result, phutti (seed cotton) prices dropped by Rs100 per 40 kilograms. The delay in arrivals of phutti in Punjab was causing shortage of cotton which was a major factor behind price fall, brokers added.

The Karachi Cotton Association for the third consecutive session raised its spot rate by Rs100, to Rs6,450 per maund.

Major deals on ready counter were: 800 bales from Hala (Rs6600 to Rs6700), 2000 bales Mirpur Khas (Rs6600 to Rs6700), 2400 bales Shahdadpur (Rs6600 to Rs6700), 2000 bales Sanghar (Rs6600 to Rs6700), 1600 bales Tando Adam (Rs6650 to Rs6700), 600 bales Jhole (Rs6650 to Rs6700), 1000 bales Hyderabad (Rs6675 to Rs6700), 200 bales Renala Khurd (Rs6900), 200 bales Rahimyar Khan (Rs6900) and 200 bales Alipur (Rs6900).

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