In a sudden turn of events, cotton prices increased last week with the recovery of yarn exports, which have started after a certain period of gap, a major factor behind the increasing cotton prices, inform experts.
The official spot rate at the Karachi Cotton Association was increased by Rs 50 to touch Rs 6,400 per maund.
However, no change was recorded in the finished goods business, excepting for signing of a deal of 200 cotton bales between exporter and mill owner, which was finalized at Rs 5,800.
A few analysts were hoping for resumption of the normal trading activity following the arrival of new cotton produce. However, the overall scenario for the new season looked good, after the recent rainfall in the cotton growing areas.
But now, all eyes were set on new cotton production, and the early sown cotton was expected in the last week of the month or mostly during the starting week of the coming month.
Fibre2Fashion News Desk - India