Concerns over supply cotton trading surged at six week high of 23,600 bales after rains in Punjab on Tuesday. If rain continues, the price of cotton likely to go further up.
The rains have slowed down picking of phutti (seed-cotton) in Punjab. It has also caused increase in price of cotton by Rs50 per maund (37.324 kilograms) to Rs5,450 per maund in the afternoon on Wednesday.
According to Taqi Abbas, a broker at the Karachi Cotton Exchange, uncertainty convinced textile mill-owners to buy big lots of the commodity.
Report from the Karachi Cotton Association (KCA) stated that traders bought a total of 23,600 bales at Rs4,800 to Rs5,400 per maund (37.324 kilograms) as compared to 15,600 bales bought at a similar price a day ago.
It is unlikely that the rain would continue. Accordingly, supply of phutti and cotton would restore to normal in a day or two.
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