Karachi
Cotton prices surged on Monday due to aggressive buying from the spinners and exporters, brokers said.
Taqi Abbas, a cotton dealer, said mills in the Punjab were buying aggressively and the commodity was traded at Rs6,800/maund in the Punjab. “The market is quite uncertain and the demand-supply gap is widening,” he said.
The spot rates surged Rs100. And, cotton was traded at Rs6,450 to Rs6,550.
Brokers said the phutti (seed cotton) partially started arriving in the markets, but the supply was minimal due to which spinners and exporters remained cautious in buying and making deals.
Analysts said US government export projections are called into question as the pace of Chinese import demand slows down.
Stalling momentum in the New York cotton markets could encourage a wave of investor selling.
