Related Keywords: cotton bales, cotton prices soared, ginners reluctant to dispose stocks, new high level, no much expansion in trading volume, official spot rates, spinners and some exporters, Sustained demand for quality cotton, wide gap between demand and supply
On sustained demand for quality cotton from spinners and some exporters due to which cotton prices soared to a new high level on Wednesday. However, no much expansion see in the trading volume as ginners were reluctant to dispose of their stocks.
Buyers were not ready to cross a certain price limit, whereas sellers were eager to get best price due to wide gap between demand and supply.
The wide gap between consumption and production keeps spinners extremely worried about source of future supply of cotton to keep the industry wheels moving, brokers said.
