KARACHI: Strong demand kept cotton prices on the higher side on Saturday amid short supply. The long spell before arrivals of next cotton crop is keeping spinners on their toes and they are striving to get hold of maximum quantity of cotton.
According to market estimates, a little more than 300,000 bales are currently lying unsold with ginners; these stocks also include large quantity of low-grade cotton.
Short crop by over five million bales in the season 2015-16 has taken the industry by surprise and only those units having no liquidity problem managed to import, brokers said.
Due to sustained demand for quality lint, prices jumped by Rs300 to Rs5,850 per maund. On the global front, New York cotton gained six to seven US cents per lb during the week. But towards week closing, the world markets witnessed some profit selling.