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Lahore
Friday, March 29, 2024

High cotton price

Cotton prices soared to Rs 9400 per mound – 2nd highest level in last ten months, on Wednesday as textile companies chased good quality lint. Overall undertone was firm and outlook bright.

Cotton prices In July last year touched seasonal record level of Rs9,500 per maund.

As per market sources, leading textile groups are active in the trading ring. Ginners on their part have started to release quality cotton which had been held back to fetch higher prices.

Cotton stocks held by ginners are depleting fast whilst the new crop would partially start arriving in from lower Sindh in June and from Punjab in August or early September.

A mixed trend was given by the world cotton markets with New York recovering partially. Indian and Chinese cotton were firm.

KCA (Karachi Cotton Association) spot rates were firm at overnight level at Rs8,850.

The following deals were ported to have changed hands on ready counter: 400 bales, station Ghotki, at Rs9,400; 2,200 bales, Shujabad, at Rs9,000; 400 bales, Sarhari, at Rs7,400; 1,800 bales, Rahim Yar Khan, at Rs9,000; 1,000 bales, Sadiqabad, at Rs9,000; and 1,000 bales, Kabir­wala, at Rs8,550.

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