KARACHI (January 07 2004): Cotton prices surged on the market while no respite was seen in buying support extended by spinnners, relevant sources said, adding quality cotton is fast eroding.

The official spot rate of cotton was pushed higher by Rs 25 the first this week as the sellers not only kept in view the bullish trend in NYCE trading, but also the spinners buying every quality lot offered to them without bothering much about price, sources said.

Roughly 16,000 bales changed hands on Tuesday at prices ranging between Rs 2950 and Rs 3350.

In New York cotton futures rose March by 0.73 cents to 75.80 and May 0.74 to 76.87 cents a pound.

Fresh deals continued to be furnished late in night, disabling their spot publication. Some deals reported were: 1000 bales of Sanghar at 2950/3000; 6000 bales of Upper Sindh, DRK, etc, and 1400 bales of KPR at Rs 3350 each; 1800 bales of RYK at Rs 3100/3350; 1000 bales of SDK at Rs 3200 and 3250; 1000 bales of Chistian, and 1000 bales of Alipur at Rs 3100 each; and 1000 bales of Mian Chunnu at Rs 3030/3100.

Courtesy Business Recorder