Cotton price rises Rs50
KARACHI: Cotton trading was brisk on Saturday amid sustained demand from spinners. However, prices slightly came under pressure owing to intervention of the state-owned Trading Corporation of Pakistan (TCP).
Floor brokers said spinners, who have yet to meet their seasonal demand, are perturbed at shortage of quality lint and fast-depleting cotton stocks with ginners.
The delay in arrival of next crop was another cause of panic because short crop has already put many spinners in difficult position since they could not import cotton due to liquidity problem, brokers said.
Sowing for new crop in lower Sindh was going on at full swing, while sowing has also started in lower Punjab and the areas where wheat harvesting was over.
Due to sustained demand quality, cotton prices rose Rs200 to Rs250 per maund during the week to touch record seasonal high of Rs6,000 per maund on ready counter.