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Cotton prices stay firm

KARACHI: Active trading was seen at the Karachi cotton market on Tuesday as over 11,000 bales were booked while spot rates managed to stay stable at Rs 1,950 per maund.

Traders said after a brief lull in trading, followed by recent heavy rains in lower Sindh, which disturbed travelling plans of most of the ginners who were unable to reach the market for two consecutives days.

They said heavy buying by spinners kept cotton prices stable but they feared that the trend would not continue for a long as supply of the crop is on the much higher side than demand. But the federal government says intervention of the Trading Corporation of Pakistan (TCP) has helped in stabilising prices and the local trade.

As per figures issued by the TCP, the state run grain trading agency, has so far procured 61,400 bales of cotton at Rs 2,314 per 40 kg and this drive will continue till cotton prices are stabilised in the local market.

On Tuesday a total of 11,400 bales were booked, according to a daily market report of the Karachi Cotton Association (KCA). Of that 600 bales from unreported place of Punjab at Rs 1,975 per maund; 800 bales of Khanewal at Rs 2,000; 400 bales of Pak Patan at Rs 1,950; 1,000 bales of Rajanpur at Rs 1,975; 800 bales of Gojra at Rs 1,950; 400 bales of Mangi Bangla at Rs 1,950; 200 bales of Jhang at Rs 1,950; 400 bales of Mian Chunnu at Rs 1,980; 400 bales of Sahiwal at Rs 1,950; 600 bales from unreported place of Punjab at Rs 2,000; 800 bales of Dera Ghazi Khan at Rs 1,950; 400 bales of Arifwala at Rs 1,950; 600 bales of Jahania at Rs 1,975; 400 bales of Hyderabad at Rs 1,975; 600 bales of Jalalpur at Rs 1,980; 200 bales of Rahiyar Khan at Rs 1,975; 400 bales of Chani Goth at Rs 1,950; 200 bales of Sadiqabad at Rs 2,000; 200 bales of Bahawalpur at Rs 1,950; 200 bales of Vihari at Rs 1,950; 400 bales of Uch Sharif at Rs 1,950; 400 bales of Shujaabad at Rs 1.950; 200 bales of Fazalpur at Rs 1.975; 200 bales of Laiyah at Rs 1,935 and 200 bales of Hasilpur changed hands at Rs 1,975 per maund.

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