February 23, 2018

Prices to hold firm.

rices managed to hold firmness on the cotton market on Thursday in the process of modest trading activity, dealers said. 

The official spot rate was unchanged at Rs 6,900, they added. In Sindh and the Punjab, seed cotton prices were at Rs 2400-3000, they said. In the ready session, approximately 3000 bales of cotton changed hands between Rs 6200-7250, they said.

 

According to the market sources, rates showed firmness due to tight supply of fine quality of cotton. Cotton analyst, Naseem Usman said that the rates of cotton yarn and grey fabric depicted slight improvement due to positive trend in the local market and also because of strong demand in the global market. It was observed that short supply of quality lots inhibited the volume of business but on the other hand it was encouraging to note that some of the deals finalised above Rs 7000, other experts said.

 

Besides, an encouraging report appeared that country's exports of value-added textile products posted a growth of 12.8 percent during the first seven months of the current fiscal year. In New York, NY cotton futures went up sharply on Wednesday, brokers said.

 

The following deals reported: 400 bales of cotton from Ghotki at Rs 7250, 400 bales from Sanghar at Rs 6200, 400 bales from Jalalpur at Rs 7100, 1200 bales from Dera Gazi Khan at Rs 7000, 200 bales from Bahawalpur at Rs 6900 and 400 bales from M. P. Dewan at Rs 6800, they said.