Cotton market maintained a bullish trend on Wednesday as 41,300 bales were traded in Sindh and the Punjab.
The spot rates at the Karachi Cotton Exchange were unchanged at Rs6,150/maund, while the commodity was actually traded at rates ranging from Rs5,850/maund to Rs6,300/maund.
Dealers said the persistent demand from the mills and traders is keeping prices firm despite the high supply conditions in the market.
The trading volumes and prices went through decent increase during the previous week. Brokers said mills and traders seem to be in hurry to buy quality cotton and are willing to pay better prices for quality cotton.
Despite an increase of Rs100/maund to Rs300/maund, the prices in the local market are still much lower compared to global and regional markets – main factor behind the increase in trading activity, added the dealers.