Cotton price at five-month high

Karachi
Price of prime quality cotton surged to a five-month high at Rs5,375 per maund (37.324 kilograms) on the reports of depletion in the ending stocks in Pakistan, said a dealer on Tuesday.
Besides, a trade deal for 400 bales executed at Rs5,450 per maund on ‘credit’ in Dera Ghazi Khan.
“The deal fetched higher price because the bales were having only three percent contamination…this was Balochistan phutti (seed cotton),” said Taqi Abbas, a broker at the Karachi Cotton Exchange.
Traders bought 7,740 bales at Rs4,700 to Rs5,450 per maund as compared to 5,500 bales at Rs4,850 to Rs5,300 per maund a day ago, the KCA reported.
Meanwhile, the Karachi Cotton Association (KCA) kept its official spot rate unchanged for the fourth working day at Rs5,100 per maund.
“The market {price} is steady,” he said, adding lower size of the leftover stock of prime quality cotton convinced textile mill-owners to pay such increased prices.