KARACHI: Cotton costs surged up on Tuesday on greater arrivals of phutti (seed cotton) and powerful demand from spinners.
Spinners rushed to replenish their shares forward of Eidul Azha when a lot of the transport will get engaged within the haulage of sacrificial animals.
Because the Eid is coming nearer, the supply of transport turns into troublesome which adversely impacts the motion of phutti in addition to cotton. Subsequently, most spinners are indulging in panic shopping for, brokers stated.
Nevertheless, probably the most vital improvement of the proceedings was that there was some buying and selling in cotton from Balochistan. Since high quality of cotton from Balochistan could be very excessive, the phutti was quoted at round Rs3,650 per forty kilograms, brokers added.
The excessive demand towards considerably restricted provide of phutti retains the consumers and sellers in a type of tug of struggle as each try to strike offers of their favour. Nevertheless, presently ginners are higher positioned towards spinners who’re striving exhausting to get huge offers to satisfy their demand, brokers stated.
The world cotton markets gave combined development the place New York cotton recovered a part of the current losses. Nevertheless, the Indian market remained underneath strain as costs declined by Rs200 per 265kg.
The Karachi Cotton Affiliation raised its spot price by Rs50, to Rs6,600 per maund (round 37kg).
Main offers on the prepared counter have been: 1,600 bales from Sanghar (at Rs6,seven hundred to Rs6,775), 600 bales Mirpurkhas (Rs6,750), 1,000 bales Hyderabad (Rs6,750), four hundred bales Hala (Rs6,750), 1,000 bales Shahdadpur (Rs6,750 to Rs6,800), 1,600 bales Tando Adam (Rs6,750 to Rs6,820), four hundred bales Samundri (Rs6,790), 200 bales Mongi Bangla (Rs6,790), four hundred bales Hasilpur (Rs6,850), 200 bales Vehari (Rs6,850) and 200 bales Chichawatni (Rs6,850).
Revealed in Daybreak, August twenty fourth, 2016
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