Cotton rates up by Rs 150 per maund

KARACHI: Cotton spot rates of Karachi Cotton Association (KCA) jumped by Rs 150 to Rs 3,875 per maund on rising buying activity from mills and exporters, brokers said.

Chairman, Cotton Broker Forum Naseem Usman said here that cotton had touched the peak at Rs 4000 per maund on Thursday on hectic buying from exporters, but declined on the rumours of a possible ban on cotton export.

Cotton was traded at Rs 3750 to Rs 3875 per maund in Punjab and Sindh during the week on rising demand.

Good quality phutti price touched the peak at Rs 2000 per 40 kg while binola price closed at Rs 900 per maund in Sindh.