Karachi
Prices moved up at the cotton market on Friday following improved buying from the spinners and exporters, dealers said.
Spinning and textile mills rushed to fill their stocks due to shortage of cotton crop. This kept the demand for the cotton higher from the traders. Resulting, the benchmark spot rate maintained an upward trend, gaining more Rs50 to Rs5,400 per maund or 37.324 kilogram.
Dealers said the market participants assume the upcoming putti (seed cotton) arrival report would be depressing as the crop size would not surpass 10 million bales.
The cotton production stood at 9.279 million bales up to January 1.
“The demand for the cotton is expected to increase in coming months despite of the fact that many textile mills are meeting their requirements through imports from India and other countries,” said a dealer.
