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Thursday March 28, 2024

Cotton prices steady

By Obaid Abrar Khan
February 12, 2016

Reuters

New Delhi

Cotton prices remained firm on Thursday amid sustained buying from spinners, brokers said.

Trading activity over the ready counter picked up momentum but still confined with quality lint, which was short in supply.  

The mills bought about 4,200 cotton bales at Rs4,775 to Rs5,650 per maund in the ready market of Punjab as compared to 1400 bales changed hand at Rs4,800/5,625 per maund in previous trading session.  

The Karachi Cotton Association maintained its official spot rate at 5,400 per maund or 37.324 kilograms.     

“The stock of fine quality lint lying with the spinners is depleting with the passage of time,” said a broker.

“Therefore many of the buyers finalised their deals at the current prices, which were reasonable to replenish stocks,” he added.