Cotton surges

hot now

Karachi

Cotton prices recovered on Tuesday as mills and spinners resorted to forward buying to meet their immediate needs, dealers said.

The official spot rate increased Rs50 to Rs6,600 while the turnover stood at 9,000 bales were traded in Sindh and Punjab.

The dealers said decline in the prices in the international market persisted, but despite this local prices showed recovery on the back of buying.

They said the local market may move in line with the global trend in the coming days.

Brokers said the phutti (seed cotton) had started arriving in the markets, but spinners and exporters remained cautious in buying and making deals.

Growers have sown more corn and sugarcane this season and brought down the cotton acreage.