KARACHI, Aug 10: Cotton prices rose on Friday following strong demand from millers and due to some disruption in phutti arrivals, brokers said.
The Karachi Cotton Association revised up its spot rate by Rs100 per maund to Rs5,955.
Millers have been accumulating their stocks this week before holidays, which are due next week including Friday and then Eid closures.
There have also been some inquiries by India about importing cotton from Pakistan because of lack of rain and fears of a possible drought.
However the New York cotton futures eased slightly ahead of the US government's keenly awaited monthly crop report on Friday, with market participants expecting record inventory this year even as concerns mount about crop damage in India and the United States, the world’s second and third largest producers.
The following transactions were reported on the ready counter on Friday:
2,000 bales, Shahdadpur, at Rs5,800 to Rs5,900, 1,200 bales, Sanghar at Rs5,800 to Rs5,850, 1,000 bales, Tandoadam at Rs5,800 to Rs5,850, 1,000 bales Mirpurkhas at Rs5,800 to Rs5,850, 600 bales, Hyderabad at Rs5,800 to Rs5,850, 400 bales, Kotri at Rs5,800 to Rs5,850, 200 bales, Gojra at Rs5,800 and 200 bales, Alipur at Rs5,800.