KARACHI: Cotton prices moved higher on Thursday on strong demand for quality lint. The short supply of quality cotton and rising prices in world cotton markets influenced sentiment.

Trading resumed on overnight bullish trend as buyers remained in the forefront.

However, limited stocks held by ginners with little hope of higher phutti (seed cotton) arrivals triggered buying from some millers.Though there was strong demand for cotton, some of the leading spinners managed to get hold of big-lot deals at high prices. Moreover, the fortnightly phutti arrivals report released by the ginners` body due tomorrow (Friday) was being desperately awaited.

The world`s leading cotton markets also remained bullish with New York cotton closing 1.5 US cents higher followed by Chinese and Indian cotton markets. There is a fresh wave of upward trendin cotton prices the world over.The Karachi Cotton Association raised its spot rates by Rs50, to Rs6,700 per maund (around 37 kilograms).

Major deals on the readyThe Karachi Cotton Association raised its spot rates by Rs50, to Rs6,700 per maund (around 37 kilograms).

Major deals on the readycounter were: 400 bales from Bahawalnagar at Rs6,800, 1,200 bales from Khanpur at Rs7,000 and 2,781 bales from Sadigabad at Rs7,000.