KARACHI: Cotton costs moved larger for second consecutive session on Tuesday because of brief provide. There have been many consumers within the buying and selling ring however few sellers responded.
Flooring brokers stated that the sluggish arrivals of phutti (seed cotton) within the Punjab proceed to strangulate buying and selling exercise in cotton. Since there was no early sowing of cotton in Punjab this season, arrivals have been additionally getting late, they added.
Cotton analyst Naseem Usman feared cotton crop might be brief by round 500,000 to seven hundred,000 bales this season.
Merchants consider there might be enchancment in phutti provide from Punjab by the subsequent month and this can ease the state of affairs.
A lot of the phutti demand was being catered from Sindh, brokers added.
Because of robust demand for cotton, costs on the prepared counter soared to Rs7,000 per maund (round 38 kilograms). The Karachi Cotton Affiliation raised its spot charges by Rs150 to Rs6,600 per maund.
The next offers have been finalised on the prepared counter: four hundred bales from Chichawatni (Rs7,000), four hundred bales Khanewal (Rs6,950), four hundred bales Vehari (Rs6,750), 2,000 bales Mirpurkhas (Rs6,seven hundred to Rs6,825), 1,000 bales Hyderabad (Rs6,seven hundred to Rs6,800), 1,600 bales Sanghar (Rs6,seven hundred to Rs6,800), 2,000 bales Tando Adam (Rs6,seven hundred to Rs6,800), 1,four hundred bales Shahdadpur (Rs6,seven hundred to Rs6,800), 800 bales Kotri (Rs6,seven hundred to Rs6,750) and four hundred bales Shahpur Chakar (Rs6,750 to Rs6,775).
Revealed in Daybreak, August third, 2016
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