April 24, 2018

Cotton prices hit season’s high.

Cotton prices touched the season's high level on the local market on Monday in the process of moderates trading, dealers said. 

The official spot rate was unchanged at Rs 7500, they added. In both Sindh and Punjab, seed cotton prices were at Rs 2800-3100, they said. In the ready session, around 3000 bales of cotton changed hands between Rs 6600-8200, they said.

 

Market sources said that strong demand for the lint cotton is helping rates to go up. The second factor behind the persistent demand was non-availability of the fine quality cotton, experts said. Commenting on the thin business activity they said that the ginners were not keen in fresh selling in anticipation of better profit, they said.

 

But on the other hand, the spinners were trying to lay hands over the best quality to replenish their stock, cotton analyst, Naseem Usman said. After increase in the cotton production for the current season, some local growers have started shifting from sugar to cotton crop for better production.

 

Reports showing that in the international markets, particularly in India rates of cotton went up sharply. The following deals were reported: 1000 bales of cotton from Ghotki at Rs 8200, 1000 bales from Liaquatpur at Rs 7725, 200 bales from Khanpur at Rs 7000, 200 bales from Vehari at Rs 6600, 200 bales from Sadiqabad at Rs 7800 and 400 bales from Rahim Yar Khan at Rs 7800, they said.