MULTAN: Trading on the cotton market was brisk on Friday amid strong demand from spinners, though short supply of cotton somewhat slowed down the activity. The Karachi Cotton Association, however, reduced its spot by Rs50, to Rs5,550 per maund.
Cotton brokers said that increasing interest of Indian spinning mill owners in Pakistani cotton has accelerated the local market.
They said that July will be very crucial month in connection with the cotton as there is an increasing trend in the prices of cotton in the Indian cotton market.
The price of benchmark Shankar-6 variety of Indian cotton has been furthered increased by Rs200 to Rs40,500 on Friday.
They said that the referendum regarding the disintegration of the UK from the European Union kept the future deals of the New York cotton market in pressure; however, the prices in the Indian cotton market are being increased with each passing day.
India, the second-largest country producer, is the second-largest market for All Pakistan Textile Mills Association, but Indian sipping mill owners are now searching the commodity in the markets all over the world.
They said the prices in both Indian and Pakistani markets are being increased and one can easily assess the future of cotton while keeping in view the increasing trend in its prices.
Prices of phutti (seed cotton), which have crossed Rs3,500 per 40 kilograms, will possibly jump further on Saturday (today).
The remaining stock of old crop is not more than 50,000 bales while expected production for the month of July is 110,000 bales so the total available quantity will be 160,000 bales against the required quantity of 410,000 bales for the month.
The price of phutti in Sahiwal was Rs3375, Umer Kot Rs3300, Kunri Rs3275, Jhadu Rs3250, Thatta Rs3375 and Khanewal Rs3125.
Major deals on the ready counter were: 200 bales from Tando Adam at Rs6100, 200 Khangarh at Rs6070, 400 bales Mirpur Khas at Rs6050, and 200 bales Hyderabad at Rs6075.
Deals of new crop included: 400 bales from Bahawalpur at 6000, 1500 bales Sadiqabad at Rs5800, 600 bales Khanpur at Rs5800, 200 bales Khanewal at Rs54800, 400 bales Alipur at Rs5500, 600 bales, Sarhari at Rs5100, and 400 bales Ghotki at Rs5400.
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