Cotton prices increased by five rupees today to reach Rs2550 per maund, informed sources at Karachi Cotton Association (KCA).
Industry expert attribute this hike to the shortfall of 0.64 million bales in the targeted output of 12.7 million bales till January 31.
Trade circles inform that quality lint prices would go up to Rs2700 per maund due to demand from local textile industry that caters to retailers' orders from abroad.
KCA reported following transactions at its several stations for today:
2600 bales changed hands at Haroonabad for Rs2475 per maund, 1226 at Rohri for Rs2460, 1200 at Tharo Shah for Rs2500, 2000 at Rahim Yar Khan between Rs2550 and Rs2575 and 3000 bales at Upper Sindh between Rs2500 and Rs2575 per maund.
According to Cotlook Indices on February 21, 2006, A Index stood at 61.35 and B Index was 58.25.
Cotton Futures at New York declined by $0.75 to close at $56.68 for March - 06.
For May Futures, cotton prices again declined at $0.95 to close at $56.39 after seeing a high of $57.40.
Karachi Cotton Association
marketing@alchempro.com
