KARACHI: Cotton prices managed to stay at Rs7,300 per maund mainly due to sustained buying from leading spinners in the back drop of rapidly falling value of the rupee against dollar.
The fear of further decline in rupee value – which will lead to costlier lint imports – has kept spinners on their toes as they chased every lot that was offered for sale in the trading ring.
The buyers focused their activity around quality cotton which is still available in limited quantity and readily paid premium price for good lint.
The world leading cotton markets also remained firm with New York cotton reviving after witnessing profit selling during the last two sessions and closing higher for all the future contracts.
The Karachi Cotton Association (KCA) spot rates were further revised for third consecutive session by Rs50 to Rs6,850 per maund.
The following deals were reported to have changed hands on ready counter: 400 bales, Mirpur Mathelo, at Rs7,300; 400 bales, Ghotki, at Rs7,300; 1,200 bales form Khairpur, at Rs6,600 to Rs6,800; 1,400 bales, Rahimyar Khan, at Rs7,250 to Rs7,300; 600 bales, Khanpur, at Rs7,300; 800 bales, Sadiqabad, at Rs7,300; 1,200 bales, Hasilpur, at Rs6,500; 1,400 bales, Burewala, at Rs6,200 to Rs6,300; and 400 bales, Kot Sabzal, at Rs7,300.