KARACHI: Cotton price of different qualities has surged by Rs 350 per maund and selling in the range of Rs 4,000 to Rs 6,100 on rising demand in Sindh, brokers said on Saturday.
Member of Cotton Brokers and Advisory Committee Naseem Usman said that spot rates of Karachi Cotton Association (KCA) also went up by Rs 400 to Rs 5,800 per maund on rising demand from spinners and exporters, he added.
He said that cotton prices have surged by Rs 500 in the week, but declined by Rs 150 on the weekend.
He said phutti was selling between Rs 2,200 to 2,600 per for 40 kg in Sindh and in Punjab, cotton was traded between Rs 5,400 to Rs 6,000 per maund and phutti at Rs 2,400 to Rs 2,900 per 40 kg.
He said New York cotton futures surged to $ 1.04 per pound.
