Cotton prices rise on renewed buying interest
KARACHI: Cotton prices slightly moved higher on Thursday on renewed buying interest from some spinners. The fear of short crop coupled with concern over the quality of cotton induced some buying from needy mills.
Floor brokers said reports from cotton fields in Punjab strongly indicate that very little unpicked phutti (seed cotton) has been left behind in fields, and third and last picking has already started.
The quality of unpicked phutti is also not good as the current season crop was badly damaged by monsoon rains and floods.
Despite the fact that the crop is short, spinners are more concerned over the quality for the remaining crop. Steady buying from some needy spinners and selected transactions in quality cotton resulted in moderate trading.