Due to rise in the demand from the textile industry, the cotton market maintained an upward trend on Saturday with most of the buying confined to premium quality lint at Rs6,000/maund, dealers said.
According to cotton dealers, around 6,400 bales of cotton by different traders in Sindh and Punjab were finalised at an average price of Rs5,500/maund. However, the low quality cotton was being traded somewhere around Rs4,000/maund.
Spinning mills seem busy in short covering, as demand for yarn and textiles starts picking up momentum.
Meanwhile, the Karachi Cotton Association kept the official spot rate unchanged at Rs5,650/maund, or 37.324 kilogram.
Dealers anticipate the commodity to remain trade at the support level of Rs6,000/maund next week.
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