KARACHI: Cotton trading was brisk on the cotton market on Tuesday as spinners and some exporters remained in the forefront of buying spree. The undertone remained steady and outlook optimistic.
The high demand in front of slow arrivals of phutti (seed cotton) continued to push lint prices higher with each passing day. Trading was highlighted by active participation from a world leading cotton dealer, Louis Dreyfus.
According to market sources, the dealer actively participated in Tuesday’s proceedings and not only picked up cotton for export but also build up stocks.
Sindh variety cotton was quoted at Rs6,800 per maund (around 38 kilograms) and Punjab quality at Rs7,000 per maund.
Slow phutti supply continued to keep prices higher. The phutti is being quoted in the range of Rs3,300 to Rs3,550 per 40kg for both Sindh and Punjab varieties. Market reports suggest that demand for cotton would remain high owing to intense buying from spinners and some exporters.
The Karachi Cotton Association raised its spot rate by Rs50, to Rs6,450 per maund.
However, most deals on the ready counter were finalised at higher rates.
Major deals on the ready counter were: 800 bales from Sanghar (Rs6,650 to Rs6,700), 400 bales Kotri (Rs6,675), 400 bales Shahdadpur (Rs6,675), 1,400 bales Tando Adam (Rs6,675 to Rs6,700), 600 bales Mirpur Khas (Rs6,675 to Rs6,700), 200 bales Maqsoodo (Rs6,700), 200 bales Nooriabad (Rs6,700), 400 bales Alipur (Rs6,900), 800 bales Burewala (Rs6,900), 200 bales Vehari (Rs6,900) and 400 bales Samundri (Rs6,900).
Courtesy : Dawn News