The cotton prices rose today amid sustained buying from millers and exporters. As the procurement of cotton by the Trading Corporation of Pakistan’s (TCP) is gaining momentum, lint prices are also firming up.
Floor brokers said many spinners and exporters rushed to replenish their stocks at prevailing prices fearing rise in lint prices once the TCP steps up procurement.
According to market reports, the TCP in a short period of five days has entered into purchase contracts for 150,000 bales with ginners.
The phutti (seed cotton) prices also moved higher along with lint as ready deals were finalised higher by Rs50 over the previous rate.
World markets continue to stay under pressure where New York cotton managed to recover part of the previous losses. All the future contracts ended with modest gains.
