Cotton price shoots up

KarachiCotton price shot close to this season’s (June-March) high at Rs5,700/maund (37.324 kilogram), as textile mill-owners made select buying in quality cotton, said a dealer on Tuesday. "Size of quality cotton is about 50 percent of the total production, which is critically short this year," said Naseem Usman, a broker

By our correspondents
November 25, 2015
Karachi
Cotton price shot close to this season’s (June-March) high at Rs5,700/maund (37.324 kilogram), as textile mill-owners made select buying in quality cotton, said a dealer on Tuesday.
"Size of quality cotton is about 50 percent of the total production, which is critically short this year," said Naseem Usman, a broker at Karachi Cotton Exchange.
He said "markets talks suggest total cotton production would be of 10.1 million bales (of 155 kilogram each) this year against 14.9 million bales last year. Its mean the crop would be short by around 32 percent year-on-year basis."
He said keeping in view such developments the mill-owners paid higher price for quality cotton.
Karachi Cotton Association said traders bought 13,600 bales at Rs5,350-5,700/maund as compared to 9,800 bales bought at Rs5,250-5,675/maund a day ago.