Commodities: Cotton touches season's new peak of Rs9,750 on brisk buying.

KARACHI -- Cotton prices on Thursday touched the Rs9,750 per maund as buying intensified.

Brokers said lint prices are likely to cross the Rs10,000 per maund mark in coming days as short crop continues to create panic among textile spinning mills.

According to market sources a deal from Ghotki materialised at a record price of Rs9,750 per maund while 2,000 bales from Rahim Yar Khan were done at Rs9,650 to Rs9,700 per maund on ready counter.

Much of the buying originated from textile mills which have no DTRE facility and depend on local cotton. However, those mills which can avail the remission of duty and taxes scheme are seeking imports.

On global front New York and Chinese cotton continued to firm up for all future contracts. However, Indian cotton remained under...