KARACHI, July 31: Cotton prices rose on Tuesday after almost two weeks following a fall in phutti arrivals and brokers said the trend was likely to continue as millers were accumulating their stocks before Eid holidays.

The Karachi Cotton Association also revised up its spot rate by Rs50 per maund to Rs5,650.

According to brokers, around 12,000 bales of cotton were traded between RS5,625 and Rs5,850 and said that millers were also trying to stock up on better quality of cotton at cheaper prices.

Seed cotton prices rose to between Rs2,625 to Rs2,675 in Sindh and Rs2,500 to Rs2,600 in Punjab.

New York cotton futures eased slightly on increased supplies and weak demand despite fears of a possible drought in India, one of the world’s largest producers.

The following transactions were reported on the ready counter: 1,200 bales, Shahdad Pur at Rs5,750, 1,600 bales, Sanghar at Rs5,750, 1,600 bales, Tando Adam at Rs5,750, 1,200 bales, Mir Pur Khas at Rs5,750, 600 bales, Hyderabad at Rs5,750, 800 bales, Bahawal Nagar at Rs5,625 to Rs5,700, 400 bales, Vehari at Rs5,650 to Rs5,700 and 1,200 bales, Haroonabad at Rs5,650 and Rs5,725.