Karachi
The cotton market on Saturday maintained upward trend as spinners were remained in active buying to refill their eroding stocks, brokers said.
The ready off-take was higher at 12,300 bales, while official spot rate went up Rs50 to Rs5,300/maund or 37.324 kg. Brokers said brisk trading witnessed at the ready counter as spinners and mills were worried about the availability of future supplies at competitive prices due to crop shortfall this season.
Like the previous sessions, the bulk of the trade was confined to the high grade cotton from the Punjab where big deals made at the prices of Rs5,100 to Rs5,500/maund. The New York cotton futures showed falling trend where May settlement declined 1.20 cents/pound to close at 57.16 cents/pound.
The July contracts also dropped 1.23 cents/pound at 57.06 cents/pound. Brokers said that the bullish sentiments are expected to prevail at the cotton market next week in anticipation of rising demand from the spinners.