The Post, Pakistan
Commerce Reporter
KARACHI: Lint prices remained stable in the cotton market as the demand continued to grow.
The KCA sources said here today that the prices continued to depict upward trends as the demand had been increasing with each passing day due to peak season.
The price committee, which met here Thursday, thoroughly reviewed the demand and supply position of the fresh phutti. Later, the committee decided to enhance the prices by Rs 50 per maund. Accordingly, the prices were adjusted at Rs 4250 per maund while the official spot rates were fixed at Rs 4555 per 40 kg.
In all, 1100 Lint bales were traded – 500 Lint bales were traded from Sindh in the price range of Rs 4200 to Rs 4300 per maund, while the remaining 600 bales were procured from Punjab cotton belt area in the price range of Rs 4275 to Rs 4300 per maund, depending on the quality of Lint.
The floor brokers said that the fresh phutti was arriving in small quantity which was not sufficient to meet the demand of spinners and the millers. Resultantly, the prices had been depicting rising trends.
The brokers said another disturbing factor was the report about ‘pest attack’ in the Punjab cotton belt.
The supply could be affected, provided the reports were correct.
Out of fear, the demand shot up as the spinners and the millers had been trying to grab all the floating stocks.
The market could be stabilized if the supply position maintains stability and the supply was guaranteed, the brokers added.
