KARACHI: Dwindling stocks of cotton with ginners continued to keep spinners under pressure on Wednesday who were keen to build up their stocks.

The expected delay in arrival of next cotton crop is another factor which is worrying millers who feel that high consumption during current season has already depleted unsold stocks held by ginners.

The long spell of rains in Punjab and extended winter in Sindh have delayed the sowing of next cotton crop, brokers said, adding that this would delay the arrival of next crop.

The strong demand also pushed phutti prices higher. The official Karachi Cotton Association (KCA) raised its spot rates by Rs50 to Rs5,100 per maund.

The New York cotton gave mixed trend where maturing contracts came under selling pressure and far-off contracts made fresh gains.

The following deals were finalised on ready counter: 1000 bales from Mirpur Khas done at Rs4400, 1305 bales Saleh Pat at Rs4740, 1200 bales Sadiqabad at Rs5300, 400 bales Chotti Zareen at Rs5250, 200 bales Fort Abbas at Rs5050, 400 bales Dharki (conditional) at Rs5300, and 400 bales Sanghar at Rs4900.

The following are Wednesday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16” micronair value between 3.8 to 4.9 NCL.

Published in Dawn, March 26th, 2015

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