By admin       2019-04-05

Cotton prices moved higher amid sustained demand for quality lint from leading textile spinners on Thursday. Falling cotton stocks with ginners and fears of higher import price forced many buyers to cover up their positions.As per market reports improved off-take of cotton yarn and bright prospects of higher textile exports following renewed fall in the rupee value raised demand for raw cotton.Sources said power-looms in Faisalabad are currently faced with financial crisis after default by a leading loom owner. However this did not have much impact on overall sentiment.Meanwhile, reports suggest cotton sowing has also started in south Punjab, a strong indication that wheat harvesting is going on at a faster pace. Cotton sowing in lower Sindh had already started earlier this week.The world leading cotton markets gave mixed trend with New York cotton witnessing profit selling while Indian cotton prices soared between Rs200 to Rs500 per candy on higher exports.The Karachi Cotton Association (KCA) spot rates were raised by Rs100 to Rs8,700 per maund.The following deals were reported to have changed hands on ready counter: 1,430 bales, Akri, 3,600 bales; Sadiqabad, at Rs8,900; 1,000 bales, Lodhran, at Rs8,300; 300 bales, Yazman, at Rs8,250; and 400 bales, Faqirwali, at Rs7,975.

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