Related Keywords: 550 per maund on Thursday, another factor behind buying rush, coming weeks, cotton bales, Cotton market, imminent rupee devaluation, KCA, market talks suggest, millers fearing shortage of quality lint, price soared to two-month high, Rs6, spot rate, witnessed panic buying
Cotton market witnessed panic buying by millers fearing shortage of quality lint in coming weeks as the result pri¬ce soared to two-month high of Rs6,550 per maund on Thursday. However, market talks suggest of imminent rupee devaluation as another factor behind the buying rush.
Phutti (seed-cotton) arrivals remained robust meeting demand for quality cotton from spinners. The intense demand for cotton from spinners could well be judged for the fact that they purchased around 1.1 to 1.2 million bales more over the same period last year.
