KARACHI: Cotton prices on Wednesday drifted higher on selective buying as spinners were vying for quality lots.

Moreover, rising trend on the world’s leading markets also induced local sentiments as the New York cotton futures inched up 2 cents per lb and Indian cotton between Rs300 to Rs400 per candy (356 kg).

Nevertheless, short supply of quality lots inhibited the trading volume from expanding but it was encouraging that most of the deals finalised above Rs7,000 per maund.

Reports suggested that cotton yarn and grey fabric markets also perked up giving impetus to the cotton markets where spinners kept looking for quality cotton.

The Karachi Cotton Association (KCA) kept its spot rates at overnight level.

The following deals were reported to have transpired on the ready counter: 1,600 bales, Ghotki, at Rs7,250 to Rs7,300 (conditional); 1,600 bales, Sadiqabad, at Rs7,300 (conditional); and 600 bales, Liaquatpur, at Rs7,000 to Rs7,200.

Published in Dawn, February 22nd, 2018