Cotton up on mills buying

KARACHI: Cotton price of new crop surged by Rs 200 to Rs 6,300 per maund (37.324 kg) as textile mills resorted to buying during the week closing on June 29, brokers said Saturday.

Chairman Cotton Broker Forum Naseem Usman said that spot rates of Karachi Cotton Association (KCA) also went up by Rs 100 to Rs 6,100 per maund this week.

He said cotton rate for new crop closed at Rs 6,300 per maund during the week in Sindh.

Cotton prices ranged between Rs 6,150 to Rs 6,200 pr maund in Punjab.

Naseem pointed out that phutti was selling between Rs 2,700 to 2,800 per for 40 kg in Sindh and Rs 2,900 to Rs 3,050 in Punjab.

He said international cotton prices were seen rising while local yarn market remained stable.