Cotton prices saw an upward trend due to strong demand from spinners and exporters

The Pakistan cotton prices saw an upward trend on Saturday amid brisk activity as the result of strong demand from leading spinners and some exporters. The prices touched seasonal high at Rs7,250 per maund on strong demand, with many deals entered on conditional basis reaching as high as Rs7,600 per maund.

The Karachi Cotton Association spot rates remained steady at previous level and trading on ready counter was fairly brisk.

The following major deals were reported to have changed hands on ready counter: 2,400 bales, Rajanpur at Rs7,150 to Rs7,250; 400 bales, Alipur at Rs7,200; 400 bales, Shujabad at Rs7,200; 400 bales, Mianwali at Rs7,200; 200 bales, Jalalpur at Rs7,200; 2,600 bales, Rahimyar Khan at Rs7,200; 200 bales, Bakhar at Rs7,100; 200 bales, Yazman Mandi at Rs7,050; 400 bales, Mirpurkhas at Rs6,200; 200 bales, Shahdadpur at Rs6,700; 200 bales, Rohri at Rs7,100; 3,000 bales, Dharki (conditional) at Rs7,400 to Rs7,600; 400 bales, Burewala at Rs6,900; 600 bales, Faqirwali at Rs6,950 to Rs7,000; 2,000 bales, Haroonabad at Rs6,950 to Rs7,050; 841 bales, Fazilpur at Rs7,000; 200 bales, Jatoi at Rs7,000; and 200 bales, Duniapur at Rs7,050.

Floor brokers said that world cotton markets are generally showing bullish trend due to strong demand amid tight supply. The local market is also moving in support with the global trend, partly because of GSP Plus factor and reportedly higher orders booked by Pakistani exhibitors at Heimtextil fair in Frankfurt.

In the global front, the New York cotton finished higher where all future contracts closed with fresh gains. Similarly, Indian cotton was also reported to be firm.