Cotton market: prices soar on strong demand
Prices went up sharply on the cotton market on Saturday as both mills and spinners accelerated buying on perception of futures rise in prices, dealers said. The official spot rate raised by the Karachi Cotton Association (KCA) by Rs 100 at Rs 6,750, they said. Prices of seed cotton per 40-kg in Sindh and Punjab followed the same pattern, gaining Rs 200-150 to Rs 2900-3050, they said. In the ready session, around, 14,000 bales of cotton changed hands, between Rs 6,750-7,000, they said.