By admin       2016-07-13

KARACHI, JULY 13: Sustained buying from spinners pushed cotton prices higher on Tuesday. Fear of heavy rains with expected disruption in arrivals of phutti (seed cotton) from fields into ginneries resulted in some panic buying. Floor brokers said that though phutti arrivals are gradually gaining momentum, they were still falling short in front of rising demand for cotton from spinners. They added that around 50,000 bales of phutti from new crop may have so far reached ginneries, but fear of heavy downpour as forecasted by the Met Office was causing panic among ginners who would like to get maximum supply of moisture-free phutti. Market sources said that around 80 ginning mills — 30 to 40 in Sindh and around 40 in Punjab — have started working, but interrupted supply of phutti continues to hamper their smooth operation. The country’s cotton season officially starts from September each year and if all goes well the phutti supply would rise in due course. However, there had been late sowing of cotton this season. Renewed demand for cotton yarn from China induced spinners who had been facing difficulty in exports due to onslaught of exports from India. The lower cotton prices in domestic market have given spinners edge over their Indian counterpart, brokers said.

Download App

# #

Member Login