MULTAN: Cotton prices moved higher on Wednesday on the back of a rise in demand as spinners have once again become active to meet their near-future requirements.
The Karachi Cotton Association (KCA) increased its spot rate by Rs100, to Rs5,600 per maund.
Brokers said that although there was an increasing trend in the prices for many days, the KCA had not been increasing its spot rate. It was a matter of concern for spinning mill owners who were getting loans from the banks on the rate fixed by the KCA, they added.
A slight increase was also observed in the prices of phutti (seed cotton). Prices in Degree were Rs3,400, Thatta Rs3,250, Badin Rs3,300, Jhadu Rs3,250, Kunri Rs3,275, Tando Allah Yar Rs3,200, Sahiwal Rs3,350, Hasilpur Rs3,250, Khanewal Rs3,240, Arifwala Rs3,075 and Chichtawatni Rs3,215.
Deals finalised on the ready counter included: 200 bales from Hyderabad (at Rs6, 000 per maund), 400 bales Tando Adam (Rs6,000), 600 bales from Shahdadpur (Rs6,050) and 200 bales from Mirpur Khas (Rs5,950).
Deals of old crop were: 4,000 bales from Sadiqabad (Rs5,750), 800 bales Rohri (Rs5,000), 2,500 bales, Khanpur (Rs6,100), 600 bales, Liaquatpur (Rs5,700), 800 bales, Jalalpur (Rs5,550), 400 bales, Noorpur Nauranga (Rs5,450), 400 bales, Alipur (Rs5,575) and 6,700 bales from Bahawalpur (Rs6,000).