KARACHI, Jan 30: Cotton prices rose on Wednesday following the global trend as deals were finalised as high as Rs6,300 per maund amid lower phutti arrivals.

The Karachi Cotton Association (KCA) also revised up its official spot rate by Rs50 to Rs6,100 per maund.

In Punjab activity increased as 9,600 bales were traded at Rs5,075 to Rs6,300 and 2,600 bales were exchanged at Rs5,750 and Rs6,100 in Sindh.

The New York cotton also rallied heading for the biggest monthly gain in almost two years, on mounting concern that output will drop in the US, the world’s biggest exporter.

However, while cotton futures are up 28 per cent since reaching a 31-month low in June, prices are still less than half of the record reached in 2011 because of a global surplus.

The following transactions were reported on the ready counter on Wednesday:

SINDH TYPE: 600 bales, Shahdadpur at Rs5,750, 400 bales, Kazi Ahmed at Rs5,800, 800 bales, Rohri at Rs6,075 to Rs6,100 and 800 bales, Salehpat at Rs6,100.

PUNJAB VAREITY: 200 bales, Kassowal at Rs5,075, 400 bales, Shujabad at Rs5,750, 400 bales, Alipur at Rs5,790, 600 bales, Vehari at Rs5,800, 600 bales, Haroonabad at Rs5,800 to Rs5,875, 400 bales, Samundari at Rs5,850, 400 bales, Tandlian at Rs5,850, 1,000 bales, Maroot at Rs5,850, 400 bales, Gojra at Rs5,900, 400 bales, Jahania at Rs5,900, 400 bales, Burewala at Rs6,100, 400 bales, Mian Wali at Rs6,200, 2,000 bales, Rahim Yar Khan at Rs6,000 to Rs6,300, 1,200 bales, Sadiqabad at Rs6,300 and 800 bales, Fazilpur at Rs6,300.