Sydney: Cotton market maintained bullish trend on Tuesday, as 38,200 bales were traded in Sindh and Punjab regions.
The spot rates at the Karachi Cotton Exchange remained firm at Rs6,150/maund, while the commodity was traded in the range between Rs5,600/maund and Rs6,400/maund.
Dealers said despite decent supply, prices remain firm, as the demand for quality cotton is strong. However, during the week, prices can witness some correction, as it has rose by Rs100/maund to Rs300/maund for good quality cotton.
Mills and traders remained busy in the expectation of further increase in prices. Brokers said so far there is no shortage of supply in the market that is keeping prices from increasing fast. But any indication of supply fall can trigger increase.
Mills are trying to build up their stocks to secure production demand and are likely to stay active in selective buying.