Transactions on the Karachi Cotton Exchange included more than 4,300 bales in the range of Rs 6,800 to Rs 7,000 per maund from Bahawalnagar, Khanpur and Sadiqabad, the reports said.
Some millers went on a buying spree due to limited stocks with ginners and little hope of more seed cotton (phutti) arrivals. Some leading spinners purchased in bulk, while led to increase in spot rates. The Ex-Karachi rates also increased to Rs 6,835 per maund and Rs 7,325 for 40 kg.
New York cotton closed 1.5 cents higher. Prices also increased in Indian and Chinese cotton markets.
Meanwhile, cotton sowing has begun in lower Sindh, while it is yet to start in Punjab province where sowing normally takes place in mid-April. (RKS)
Fibre2Fashion News Desk – India
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