Cotton prices bounce on strong buying
KARACHI: Renewed buying interest from spinners on Tuesday helped cotton prices recover from lower levels hit during the last four-day downtrend.
Floor brokers said that many spinners rushed back to replenish their stocks but ginners obliged them at higher prices. The phutti (seed-cotton) supply from Sindh was normal easily meeting the market demand.
On the other hand, phutti flow from Punjab was still slow and quality of cotton was not satisfactory. There are complaints that the cotton was carrying some yellow spot which indicate pest attack in some cotton growing areas of the province.
Meanwhile, reports coming from across the border suggest that there is a pest attack of pink ball on cotton crop in the Gujrat state of India.
The US Agriculture Depart-ment had already warned of short crop and high consumption the world over this season.