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KARACHI (April 27 2010): Soaring prices forced the mills to sideline on the cotton market on Monday, dealers said. The Karachi Cotton Association (KCA) official spot rate was raised sharply by Rs 200 to Rs 6500, this was the second biggest rise in a single day in the history of cotton trade, they said.
In the ready business, some 1400 bales were sold, ranging between Rs 6600-6700. Phutti prices in both the Punjab and Sindh were at Rs 2400-2600, they added. Commenting on the recent increase in the prices, Naseem Usman said that the local cotton prices are also going to touch the Rs 7000 due to fine quality.
The facing shortage of cotton may lead to possible import of approximately 1.5 million bales of cotton to meet the domestic demand, he said and added that it is likely that the country may import from central Asian countries. 'We are not able to import US cotton due to higher rate' some brokers said. The following deals were reported : nearly 600 bales of cotton from Kabir Wala at Rs 6600 and 800 bales from Khanewal at Rs 6700.
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