Cotton prices rise on strong demand
KARACHI: Cotton prices soared on sustained buying from spinners and exporters on Friday. The underlying sentiment remained strong and outlook uncertain.
Floor brokers said that doubts about the crop size kept buyers and sellers perplexed. As a result, ginners are holding back their stocks while growers have cut the supply of phutti (seed cotton).
Rapidly rising cotton prices have forced all the players in the cotton economy to change their strategy and presently they are focused on maximising their profits.
The spinners and exporters, however, are striving to get hold of larger stocks of cotton at prevailing prices and looking forward to build up their stocks to meet their seasonal demand, brokers said.
The Karachi Cotton Association (KCA) revised its spot rates upward by Rs150, to Rs5,200 per maund.