KARACHI: Cotton prices remained higher owing to sustained demand from needy spinners. However, shortage of quality lint somewhat restricted business activity.
Floor brokers said that a tug of war was going on between buyers and sellers which keep prices move back and forth. Spinners are not ready to pay high price for quality lint, but ginners are keen to get better rates for their dwindling stocks.
There is a strong demand for cotton from needy spinners because of a long delay in the arrival of next crop.
The Karachi Cotton Association (KCA) left its spot rates unchanged. Major deals on the ready counter were: 1,000 bales from Shahdadpur (at Rs4,475 per maund), 200 bales Bahawalpur (Rs5,375), 200 bales Layyah (Rs5,400) and 400 bales Rajanpur (Rs6,000).
Major world cotton markets remained under pressure. However, prices rose on the Indian market due to short supply.