July 14, 2017

Rising trend seen on cotton market.

Prices maintained upward trend on the cotton market on Friday on short supply position, dealers said. 

The official spot rate was unchanged at Rs 8400, they added. In the ready session, around 6000 bales of cotton changed hands between Rs 8600 and Rs 8700, they said. In Sindh, prices of seed cotton were at Rs 4000-4150 and in the Punjab, rates of phutti were at Rs 3900-4300, they said.

 

According to the market sources, cotton prices continued to go up due to short supply of seed cotton. They also said that prices are already on upward march owing to tight supply position another adding factor behind the persisting surge is the decline in the United States Department of Agriculture (USDA) report. The report is showing 5.13 percent fall in the cotton production. Besides, prices in India are also following the same pattern, indicating further rise in the local cotton market, cotton analyst Naseem Usman said.

 

Following deals reported: nearly 1200 bales of cotton from Shahdadpur sold at Rs 8650/8700, 1600 bales from Tando Adam at Rs 8675/8700, 800 bales from Sanghar at Rs 8700, 400 bales from Hyderabad at Rs 8675/8700, 400 bales from Kotri at Rs 8700 and 200 bales from Chichawatni at Rs 8600, they added.