Cotton market on Tuesday witnessed an active trading session amid increase in buying from spinners, helping prices to stay on the higher side.
Traders purchased 9,267 cotton bales, including 5,500 bales from the Trading Corporation of Pakistan (TCP).
Prices for the high quality lint was quoted at Rs5,100-5,500/maund. However, the TCP sold cotton bales at increased price of Rs5,885/maund.
The KCA kept official spot rate unchanged at Rs5,500/maund. Dealers said that spinners made extensive buying on rising cotton yarn demand.
Furthermore, the reports of introducing support price for seed cotton also boosted traders’ confidence in the market. The government is expected to fix support price of Rs3,000 for seed cotton of 40 kilograms to encourage growers to plant cotton in their fields.