KARACHI: Pakistan cotton prices increased sharply on back of active buying as mills hold their positions to fulfill their demands.
The Karachi Cotton Association (KCA) official spot rate increased by Rs 300 to Rs 6,300 on Tuesday, dealers said.
In international cotton market, New York cotton increased by 0.45 cents per lb traded at 106.34 cents per lb on Tuesday as compared to 105.89 cents per lb on Monday. This resulted because of recovery in global markets which provided a support and pushed the prices up in the international market.
The rates of seed cotton in Sindh were Rs 2,300 and 2,600, while in Punjab, cotton rates were Rs 2,300 and Rs 2,800, dealers said. In ready business, around 9,000 bales of raw cotton were traded between Rs 6,200 and Rs 6,800 per maund during the session.
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