KARACHI: The cotton market remained under the grip of tight phutti (seed cotton) supply on Tuesday which pushed prices higher to a seasonal peak of Rs9,000 per maund.
There was sustained demand from spinners who are worried about cotton supply from domestic sources, particularly when the government has imposed customs duty and sales tax on import of cotton.
The Karachi Cotton Association (KCA) also revised spot rates upward by Rs200 to Rs8,800 per maund.