KARACHI: The cotton market witnessed the bullish trend as its demand increased more than 60 percent to 18,000 bales (of 155kg) as the exporters became active to timely deliver orders to international buyers.
Buyers also made forward deals on back of grade issue at around Rs 5,050 per maund to Rs 5,075 per maund. Sellers withholding second grade stuff at main stations of Punjab and Sindh offered commodity to buyers at around Rs 4,900 per maund while majority of the ginneries produced all grades on back of subtle influx of cottonseed, traders said.
The situation caused hike in the commodity price, as many of the traders bought the commodity at higher price, Rs4,700 per maund (37.324 kilogram), said the Karachi Cotton Association (KCA) report. The situation has convinced KCA to increase its official rate by Rs50/maund to Rs4,600/maund. The association added that traders bought 11,200 bales at Rs4,625 to Rs4,700/maund as compared to 11,200 bales bought at Rs4,575 to Rs4,700/maund a day ago.
