Karachi
The cotton market on Thursday witnessed brisk trading amid upsurge in the demand from leading spinning groups, dealers said.
Unlike the previous sessions, there were some big-lot deals of around 10,000 bales in fine types were traded at the prices of Rs5,500/maund. The Karachi Cotton Association increased official spot rate by Rs50 to Rs5,250/maund.
Brokers said spinners and mills were seen to cover their forward positions to build up stocks.
This was the main reason behind increase in trade volume. The reports of lower cotton crop in India also weighed on trader sentiment at the local market as they are importing cotton from India to fill shortfall in crop in Pakistan. Brokers said spinners and mills were seen to cover their forward positions to build up stocks.