KARACHI – Released by the Pakistan Cotton Ginners Association’s (PCGA), the higher cotton consumption figures coupled with short supply of quality lint pushed prices higher on the cotton market, and disclosed higher cotton production by 10.21 per cent.
In world markets, including those of the US and India, the rising trend in cotton prices also induced sentiment and many spinners rushed back to replenish their stocks at current prices.
Brisk buying from leading spinners and some exporters helped cotton price to stay firm. Presently spinners are facing difficulty in getting quality lint because of depleted stocks, brokers said. The New York cotton market opened on a firm note where all the future contracts ended with handsome gains.
