Cotton scales season's peak of Rs9,500.
KARACHI -- Steady flow of buying orders from textile spinning industry on Wednesday kept cotton prices on the higher side.
Most of the transactions were finalised at Rs9,300 per maund. However, a deal of 800 bales from Ghotki (prime mark) was done at season's peak rate of Rs9,500 per maund.
Amid fear of short crop the textile spinners were induced by higher off-take of cotton yarn and positive development on world cotton markets where US-China trade optimism forced markets to rise, brokers said.
Meanwhile, Punjab Cotton Council has estimated a loss of around Rs300 billion to farmers of cotton, maize, rice and sugarcane due to climate change, they added.
The world leading cotton markets were firm with New York cotton rose for all future contracts, while Chinese and Indian markets closed steady.
The...
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