Karachi: Trading in new crop cotton started on the cotton market on Wednesday as buyers entered into future deliveries with ginners. The small deals in next crop cotton were mostly made in Punjab variety.
Floor brokers said the deals in new crop cotton have been made for delivery in first fortnight of July which seems to be too early because the next crop is late and is not expected to reach ginneries before end of July or early August.
However, needy spinners are striving to maintain buffer stocks so that delay in next crop arrival could be met and production activity is maintained without any problem, brokers said.
Most deals in next cotton crop were finalised at higher price but this could not be taken as a benchmark price for new season because current shortage is a major factor pushing price up.
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The Karachi Cotton Association (KCA) spot rates were firm at previous level.
The following deals were finalised on ready counter: 820 bales from Shahdadpur done at Rs4000 to Rs4100, 1250 bales Mian Channu at Rs5050, 400 bales Ahmedpur at Rs5275, 200 bales Shair Sultan at Rs5600, 400 bales Alipur at Rs5600, 200 bales Muridwala at Rs5600 (delivery July 10, 2015) and 200 bales Toba Tek Singh at Rs5600 (delivery July 15, 2015).
