Cotton price rises on renewed demand.

KARACHI -- Sustained demand from leading spinners on Saturday pushed up cotton price once again to Rs9,500 per maund for the ongoing crop season.

According to market reports, some 0.5 million bales are presently available with ginners while buyers fear short supply of the commodity.

Last year in July, cotton price touched a record level of Rs9,500 per maund.

Spinners are trying to get hold of big lot deals to ensure sufficient stocks. As a result, cotton prices on ready counter rose between Rs150 to Rs200 per maund during the week.

Similarly, official spot rates of the Karachi Cotton Association (KCA) were revised up by Rs200 to Rs9,000 per maund. Cotton from Punjab and Sindh was traded in the range of Rs7,500-9,200 per maund.

Meanwhile, cotton sowing in Sindh and Punjab has begun. Phutti (seed cotton) arrival from lower Sindh is expected to start from June 15. Some reports suggest that already advance deals for new crop are being entered.

Cotton analyst Naseem Usman said that although...