Related Keywords: Cotton market, Cotton price surged, creating panic buying, dwindling stock with ginners, KCA, needy spinners, spot rate, strong demand from spinners
Strong demand from spinners provoked by dwindling stock with ginners for the current season crop are creating panic buying from needy spinners who are eager to replenish their stock due to which cotton prices has surged.
Floor brokers said that strong demand for quality lint pushed prices to new record high on ready counter with highest quoted prices going up to Rs5450 per maund.
However, the Karachi Cotton Association (KCA) spot rates remained unchanged at previous level.
