KARACHI: Renewed buying interest pushed cotton prices up on Monday, with a deal of 400 bales transacted above Rs9,000 per maund.
Many textile spinners sought to replenish their stocks but short supply of quality cotton restricted trading volume from expanding. Cotton stocks with ginners are depleting fast while flow of phutti (seed cotton) has almost come to a standstill.
Cotton analyst Naseem Usman expressed his dismay over cotton estimates of 15 million bales given by the Federal Agriculture Committee for next crop. Questioning the size of next cotton crop, he said, the government department has given estimates without sharing the area which will be under cotton cultivation during the 2019-20 season.