Cotton prices surge

Karachi

The cotton market moved upwards and prices surged to Rs6,000/maund, as mills race to secure bales to meet requirements.

Brokers said that ginners raised asking prices in response to high demand from the spinners.

The TCP also sold cotton to meet the demand for the textile industry.

Reeling from supply problems, many spinners rushed to the market and started panic buying to refill their depleting stocks.  Volumes were high with traders bought 11,424 cotton bales at the ready counter. Prices for the fine quality lint ranged between Rs 5,200 to Rs6,000/maund.  The Karachi Cotton Association rose the benchmark spot rate by Rs75 to Rs5,625/maund.

World cotton markets witnessed gains. New York futures ended higher at 63.05 cents/pound as against previous close of 62.50 cents/pound.