Sustained demand pushed prices up on cotton market on Monday as needy spinners offered higher bids for quality lint to meet their seasonal requirements.
Fast depleting stocks held by ginners and shortage of quality lots continue to panic small spinners.
Fear of delay in arrival of next crop due to water shortage in lower Sindh was also a matter of great concern for the textile industry.
Most of the deals were finalised at higher rates. Spinners striving to cover up their positions also
Cotton prices showed upward momentum in the Brazilian market in the first half of March, as sellers were unwilling to lower their asking prices. Between February 28 and March 15, the Center for Advanced Studies on Applied Economics/Luiz de Queiroz College of Agriculture (CEPEA/ESALQ) cotton Index rose 5.9 per cent, ending at 3.0091 BRL per pound on March 15.
Owing to stiff stance taken by sellers, “purchasers who needed cotton for prompt-delivery had to increase bidding prices in order to clo
