Related Keywords: Karachi cotton exchange, leftover stock of commodity low, next harvesting delayed, Pakistan local cotton market, price surged five month high, prime quality cotton, remained unchanged, spot rate, taking fresh postion, textile mill owners, to buy cotton bales
Prime quality cotton price surged to five-month high at Rs5,340 per maund (37.324 kilograms) at the local markets on Thursday as many textile mill-owners were taking fresh positions in prime quality cotton because of two reasons; one the leftover stock of the commodity was low. Secondly, the next harvesting of the commodity is delayed by two to four weeks.
According to Naseem Usman, a broker at the Karachi Cotton Exchange, the increase in cotton price is seen following a surge of Rs100 per 40kg in phutti (seed cotton).
