On Wednesday, December 27, 2017, the cotton price touched seasonal high of Rs7,600 per maund on sustained demand amid tight supplies of quality lint. The slim possibility of imports at high prices and the recent depreciation in the rupee value against the dollar kept spinners in a state of confusion.
Almost every buyer tried to replenish stocks but most of them were disappointed. As a result most of the deals were finalised at high rates ranging from Rs7,000 to Rs7,600 per maund. Both Sindh and Punjab phutti varieties were also transacted at higher rates at Rs2,800 and Rs3,500 per 40 kg, respectively.
The soaring Indian prices amid reports of a large-scale pest attack in two major cotton growing states have already impacted world cotton trade and there is a possibility that prices will move further higher, brokers said.The New York cotton market came under profit selling as all the future contracts closed easy. The Chinese market was steady. The Karachi Cotton Association (KCA) kepts its spot rates unchanged at overnight level.
The following major deals were reported to have changed hands on the ready counter: 2,000 bales, Dherki, at Rs7,600; 600 bales, Naushero Feroze, at Rs6,900; 140 bales, Sanghar, at Rs6,300; 1,200 bales, D.G. Khan, at Rs7,500; 800 bales, Liaquatpur, at Rs7,500; 600 bales, Khanewal, at Rs7,450; 1,000 bales, Shahre Sultan, at Rs7,400; 1,000 bales, Kabbirwala, at Rs7,200; 1,520 bales, Shujabad, at Rs7,000; 600 bales, Fort Abbas, at Rs6,900; 600 bales, Vehari, at Rs6,900; 800 bales, Mianwali, at Rs6,710; and 1,000 bales, Layyah, at Rs6,475.