Cotton prices improve

Karachi

Prices rebound at the cotton market on Wednesday, as mills and spinners indulged in forward buying to meet immediate needs, dealers said.

The official spot rate recovered by another Rs100 to Rs6,350, while the turnover also improved as 10,000 bales were traded in Sindh and Punjab.

Dealers said the decline in prices in the international market persisted, but the local prices showed recovery on the back of mills’ buying.

They said the local market may move in line with the global trend in the coming days.

Brokers said phutti (seed cotton) has started arriving in the markets, but spinners and exporters remained cautious in buying and making deals.

Analysts said the US government’s export projections are being called into question, as the pace of Chinese import demand slows.