Cotton prices move up

Karachi

Cotton prices on Tuesday continued to move upward, surging Rs6,000 per maund on short supplies.    

The cotton market witnessed a between Rs5,175-6000 per maund. 

The benchmark spot rate remained flat at Rs5,650 per briskly traded session for the second consecutive day in a row where at least 9,700 bales of cotton were changed hand at increased prices, ranging maund or 37.324 kilogram. 

Brokers said that the market was facing acute shortage of commodity due to crop losses. 

Ginners have hardly around 2 million cotton bales left with them.  

Traders have expressed the concern that the prices could rise further this week in line with increasing prices in international markets and reports of delays in swing of cotton in some areas of Sindh and Punjab.