KARACHI (APP) - Rate for new cotton crop has touched Rs 3800 per maund (37.324 kg) as cotton spot rate has jumped by Rs 50 to close at Rs 3,350 per maund in the local market on the weekend due to rising demand. Chairman, Cotton Broker Forum Naseem Usman said here Saturday that 400 bales of cotton from new crop were traded in future market at Rs 3800 per maund in Muridwala, Punjab. He pointed out that three months are left for the arrival of new crop in the market. He said that cotton rates of old crop closed at Rs 3500 per maund on the rising demand from textile mills in the country. Cotton rates of New York Exchange also moved up by 4 cents per pound. Usman said that binola (cotton seed) price surged by Rs 100 to Rs 1000 per maund while phutty was selling at Rs 1800 per maund. Cotton prices ranged between Rs 3250 to Rs 3500 per maund in Punjab while it was selling at Rs 3250 to Rs 3400 per maund in Sindh. Binola (cotton seed) oil price also jumped by Rs 100 to Rs 2950 per maund.