Cotton prices in Pakistan moved up to season’s new high of Rs7,800 per maund on December 29, 2017, in the backdrop of fast dwindling stocks of quality lint amid rising demand.
The trading activity remained moderate as ginners were holding back their stocks anticipating further rise in prices. However, a big deal of 10,300 bales from Khanpur was finalised between a ginner and spinner at season’s high Rs7,800 per maund late in the evening. Another deal of 400 bales from Dherki was done at Rs7,700 per maund.
Normally trading activities slow down ahead of year end as most of the trading houses and banks are engaged in the process of closing of accounts, said market sources. The Karachi Cotton Association (KCA), after a meeting with representatives of Pakistan Cotton Ginners Association (PCGA) on December 28, 2017 revised upwards its rates by Rs100 to Rs7,100 per maund to narrow down the gap between spot and the ready market rates.
The world leading cotton markets remained firm with New York cotton witnessing some correction. Chinese market was mix and Indian cotton closed higher.