Cotton rises

Karachi

Cotton market maintained bullish trend on Thursday, as 39,100 bales were traded in Sindh and Punjab regions.

The spot rates at the Karachi Cotton Exchange revised upward to Rs6,100/maund from Rs6,000, while the commodity was traded at the rates ranging from Rs5,750/maund to Rs6,300/maund.

Dealers said the spot and bargaining rates are following the high demand trend, as mills and traders seem to be in a hurry to buy quality cotton as soon as it reaches the market.

Mills are competing and willing to pay better prices for quality cotton. Brokers said the increase in local prices are just extended trend of the international market. The expectations of expensive imports and fear of being left behind with low stocks, keep the buyers active. However, the prices in the local market are still much lower as compared to the global and even regional markets that also make it wise to keep building stocks, he added.