KARACHI: Frenzied buying from spinners soared cotton prices to a new seasonal high of Rs7,100 per maund on Thursday amid rising fear of short crop and lint quality.
As the prospects of cotton imports from India diminished, spinners panicked and rushed to replenish their stocks.
However, the Plant Protection Department (PPD) has now started to issue import permits for Indian cotton starting from January 1 to March 30, 2018.
On Thursday, cotton from Balochistan transacted at highest rate of Rs7,250 per maund but the deal was not reported officially.
The market remained highly fluid due to shortage of crop and quality cotton.