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Cotton prices rebound

KARACHI: Trading activity at Karachi cotton market remained brisk on Friday. More than 11,000 bales changed hands. The Karachi Cotton Association (KCA) spot rate increased by Rs 50 per maund to Rs 2,350 per maund.

Dealers said the leading mills and spinners purchased cotton of various qualities. Quality lint of the Punjab fetched around Rs 2,425 per maund. A senior trader said the mills offered slightly higher price for quality lint of Punjab. Quality lint of Punjab’s ginners dominated the trade while ginners of Sindh also sold some stock.

A senior broker said Pakistan’s earthquake was likely to dominate cotton futures until at least Wednesday when US department of agriculture was scheduled to release its October supply and demand report. A broker said physical market price remained between Rs 2,350 per maund and Rs 2,425 per maund. High quality cotton of Sindh was traded for around Rs 2,420 per maund.

According to KCA, 10,000 bales of Nawabshah changed hands at Rs 2,375 per maund, 1,000 bales of Sanghar at Rs 2,300 per maund, 200 bales of Sarhari at Rs 2,375 per maund, 400 bales of Tando Adam at Rs 2,325 per maund, 400 bales of Tando Muhammad Khan at Rs 2,375 per maund, 400 bales of Uch Sharif at Rs 2,425 per maund, 400 bales of Chichawatni at Rs 2,425 per maund and 200 bales of Kassowal at Rs 2,400 per maund. Around 1,000 bales of Bhalwal were traded at Rs 2,425 per maund, 600 bales of Khanewal at Rs 2,400 per maund, 200 bales of Arifwala at Rs 2,400 per maund and 2,000 bales of Bahawalpur at Rs 2,425 per maund.

New York December contract closed at 56.18 USC/lb and March contract closed at 57.95 USC/lb. A Index closed at 59.40 USC/lb. staff report

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