Panic buying on cotton market
KARACHI: A mad rush of buying was witnessed on the cotton market on Tuesday as buyers got hold of maximum lint quantity, regardless of its quality.
This once again pushed cotton prices to a seasonal peak of Rs7,100 per maund.
Buyers initially chased limited quantity of quality cotton but soon realised that under the developing scenario lint imports after rupee devaluation will become costlier.
The buyers were also not optimistic about imports of cotton from India since a large-scale pest attack has drastically slashed the crop size.
Above all, cotton brokers said the delay in allowing cotton imports from India has minimised the possibility of getting quality cotton because much of the high grade cotton would had been lifted by end of this month by Indian textile mills or exported.