KARACHI – Brokers said deals were made at higher rates by up to Rs150 to Rs200 per maund as the world cotton markets moved higher influencing the domestic trading.
As per a report, as buyers rushed to replenish their stocks at higher level, cotton prices rose above the psychological barrier of Rs5,000 per maund because of rise in the dollar’s value against the rupee which has improved export parity of textile goods.
Sustained buying from spinners and exporters pushed lint prices higher on the cotton market. Floor brokers said improved export parity following depreciation in the rupee’s value against the dollar induced buying from leading spinners. The underlying sentiment, however, was firm and buyers generally looked optimistic about the revival of the economy.
