Cotton up

Karachi

Cotton demand remained bullish on Thursday, as 39,400 bales were traded in Sindh and Punjab regions.

The spot rates at the Karachi Cotton Exchange revised upwards by Rs50/maund to Rs6,300/maund, while the commodity was traded at the rates ranging in between Rs5,600/maund to Rs6,525/maund.

Dealers said mills and traders came back in the market for fresh buying. The demand for high quality cotton is there, which is keeping mills active in the market. Prices for low quality cotton is maintaining the current levels, while the movement is mainly in prices of higher and medium quality cotton.   “Mills understand that import will be far expensive this year,” said Naseem Usman, chairman of the Karachi Cotton Brokers Forum.

“The fear of low supply conditions is keeping mills active in buying.”