Related Keywords: Cotton market, cotton prices touched a record level, Karachi Cotton Association, most deals finalised on high rates, prices tended to move higher, short supply of quality cotton, slow trading activity, spot rates unchanged, widening gap between production and consumption, witness on Saturday
Slow trading activity witness on Saturday at cotton market due to short supply of quality cotton. However, prices tended to move higher and most deals were also finalised on high rates.
Due to strong demand, cotton prices touched a record level of Rs7,300 per maund (around 37 kilograms). Phutti prices also rose to a seasonal high of Rs3,850 per 40kg. Limited stocks of around 900,000 bales held by ginners were insufficient to see the season through because the next crop is not expected before June or July.
The Karachi Cotton Association left its spot rates unchanged.
