Commodities: Cotton price steady on strong demand
MULTAN: Strong demand kept cotton prices on the higher side on Thursday amid short supply. The Karachi Cotton Association kept its spot rate unchanged at Rs5,750 per maund (about 38 kilograms).
Cotton brokers said prices in the cotton market were firm as ginners have held the stock of both new and old crops.
They said ginners of both Pakistan and India were holding the stock due to the increasing trend in the prices as they are hoping that the prices will further increase.
Usually the spinning mill owners dominate the cotton market but now ginners are leading the market.
Prices of benchmark Indian cotton variety Shankar-6 has further increased by 400 Indian rupees to 42,700 per candy (355.6kg).
Prices of future deals have also increased in the New York cotton market.