KARACHI: Sustained buying from needy mills helped cotton prices rise on the cotton market on Wednesday. However, much of the activity remained confined to quality cotton.
Floor brokers said that since it was almost off season and phutti (seed cotton) had almost diminished, there was acute shortage of quality lint. But many spinners are still keen to replenish their stocks.
As a result, lint prices rose and some of the deals were quoted between Rs5,300 and Rs5,500 per maund. According to market reports, ginners held around 800,000 bales.
Brokers said the current spell of rains in Punjab was being taken as a negative development because growers could not go for early crop sowing.
The KCA left its spot rates unchanged. Major deals on ready counter were: 400 bales from Khanewal (at Rs4,700 per maund), 500 bales from Yazman Mandi (Rs4,750), 2,000 bales from Ranipur (Rs5,200), 2,000 bales from Rohri (Rs5,200) and 800 bales from Hasilpur (Rs5,300 to Rs5,450).
Meanwhile, the New York cotton market gave mixed trend.