Strong demand for quality cotton kept prices firm on Saturday.
Interestingly, higher arrival of phutti (seed cotton) did not dent cotton prices.
Due to peak season for the textile industry, there was rush of buyers who were keen to replenish their cotton inventories. It was encouraging that the flow of quality cotton also remained high. Phutti arrival is at its peak since picking in almost all cotton growing districts of Punjab is in full swing.
However, phutti arrival
Buyers remained in the forefront on Thursday, pushing up cotton prices on ready deals as well as official spot rates.
Higher demand originating from leading spinners and some exporters induced positive sentiment.
Buying spree was triggered by reports that the current heat wave in Sindh and Punjab could adversely affect growth of cotton plants. Moreover, pace of cotton picking has also slowed down due to excessive heat.
Consequently, spinners rushed to replenish their stocks which push