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Commodities: Cotton price up on higher demand
KARACHI: Cotton price rose for the fourth consecutive session on Thursday on higher demand from spinners and some exporters.
However, towards closing stages and on reports of sudden fall in world cotton markets, lint prices slightly came down, floor brokers said. The correction in prices, however, was limited in front of strong demand.
The US cotton prices fell by two cents per lb and China and India by around Rs300 to Rs400, respectively.
As a result, phutti (seed cotton) prices dropped by Rs100 per 40 kilograms. The delay in arrivals of phutti in Punjab was causing shortage of cotton which was a major factor behind price fall, brokers added.