Cotton prices move up.

KARACHI -- Buyers continue to opt for quality cotton on Tuesday which further pushed prices higher.

Trading featured a sudden Rs200 rise in the price of premium quality cotton to a record high of Rs9,500 per maund. According to market sources, around 2,000 bales from Ghotki and Daharki were transacted at this rate.

Most of the deals on ready counter were finalised at high prices between Rs9,100-9,300 per maund. This indicates that textile spinning mills are in a hurry to replenish their stock from domestic cotton.

Phutti (seed cotton) prices also surged with Sindh variety quoted in the range of Rs3,000-4,300, Punjab between Rs3,700-4,500 and Balochistan between Rs4,200-4,650 per 40kg.

A huge gap between demand and supply due to short crop has panicked textile industry since imports from India are not possible and procuring from far off countries means increased freight charges and longer delivery time.

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