KARACHI, July 2: Prices moved higher on the cotton market on Monday on strong demand from the spinners and mills despite improved supplies following higher phutti arrivals into ginneries from Sindh and Punjab.

Floor brokers said that the Punjab variety phutti was being quoted between Rs2,700 to Rs2,800 per 40 kg and its Sindh counterpart was fetching Rs2,600 to Rs2700. Both the varieties declined by Rs200 per 40 kg.

It is still too early to say much about the crop size but fear of floods in Sindh in monsoon season is haunting stakeholders of cotton economy.Cotton analyst Naseem Usman said that around 12 ginning mills were operating in Punjab and three units in Sindh started ginning operations.

The Karachi Cotton Association (KCA) revised upwards its spot rates by Rs100 per maund.

On the ready counter following notable deals changed hands: 200 bales, Shahdadpur at Rs6,200, 300 bales, Haroonabad at Rs6,175 to Rs6,300, 200 bales, Pak Pattan at Rs6,200 to Rs6,300, 500 bales, Burewala at Rs6,300 to Rs6,450 and 600 bales, Kabbirwala at Rs6,400.