MULTAN: Cotton prices moved higher on Tuesday as buyers were offering higher prices to grab each quality lot offered for sale.

The Karachi Cotton Association (KCA) also increased its spot rates by Rs100 to Rs9,100 per maund.

Cotton brokers said that the trading activity remained slow because ginners were reluctant to oblige spinners anticipating further rise in prices due to non-availability of quality cotton as phutti arrivals have already slowed down in the fag-end of the current season.

Majority of ginning factories will close their operations by end of the current month, the added.

Phutti prices in both Sindh and Punjab remained between Rs3,200 to Rs4,800 while the prices of Balochi cotton were hovering between Rs5,000 to Rs5,500.

The following deals were reported to have changed hands on the ready counter: 400 bales (Balochi cotton), Dera Ghazi Khan, at Rs9,600; 600 bales (stock lot), Rajanpur, at Rs9,57; 1,400 bales, Rahim Yar Khan, at Rs9,400-Rs9,300; 2,400 bales, Khanpur, at Rs8,000- Rs9,200; 1400 bales, Mirpur Mathelo, at Rs9,250; 200 bales, Adilpur, at Rs9,000; 400 bales, Faqirwali, at Rs8,650; and 200 bales, Bahawalpur, at Rs8,550.

Published in Dawn, January 22nd, 2020