Commodities: Cotton price up on selective buying
KARACHI: The cotton market remained firm and steady on Thursday where selective buying for quality cotton from needy spinners kept flowing. However, reports of allowing conditional cotton imports from India failed to induce sentiment.
Floor brokers said that slow arrivals of phutti (seed cotton) strongly indicated that growers are presently holding very little stocks. Consequently, there was lack of trading interest as quality cotton was running in short supply.
Cotton analysts said reports that the government has allowed cotton import from India after earlier imposition of unannounced ban were not a new development because conditional imports of cotton were not stopped.
Though on the ready counter prices generally remained at overnight level, the Karachi Cotton Association officially increased spot rates by Rs50, to Rs6,300 per maund (around 37 kilograms).