By admin       2016-07-11

Prices maintained firm posture during the post-holiday session on the cotton market on Saturday, dealers said. The official spot rate was unchanged at Rs 5,800, dealers said. In Sindh and Punjab, prices of seed cotton were at Rs 2700-3100, per 40 kg, respectively, they said. In ready business, around 1000 bales of cotton changed hands between Rs 6050 and Rs 6100, they said.According to the market sources, holiday mood persisted as almost all participants were busy in exchanging Eid greetings. Cotton analyst, Naseem Usman said that in the local market, prices were firm in line with international track. Trading activity may pick up in coming days, but it is most likely that rates may not move up sharply as a result of expected rise in phutti supply with the passage of time, he added.Reuters adds: ICE cotton jumped over one percent on Friday following the release of weekly export sales data from the US government, supported by fund buying and broad strength across commodities.

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