Brisk trading at cotton market

Karachi

Prices rallied on Wednesday amid strong demand from the spinners and exporters. 

A renewed buying interest from the traders pushed cotton prices up to Rs6,000/maund in the domestic market.  

Dealers said the market witnessed brisk activity with spinners and mills remained in the forefront of buying spree.    

Transactions rose to 13,500 bales, compared with a meager 200 bales during the previous session. 

The Karachi Cotton Association rose the benchmark spot rate by Rs100/maund to Rs5,600/maund. 

Dealers also said buying spree from spinners had been induced by a host of factors including expected slowdown in supply of phutti (seed cotton) from cotton fields to ginneries amid reports of decline in sowing areas. They foresee rally in lint prices is a short-lived phenomenon.