By admin       2016-07-18

Prices gained further ground on the cotton market on Saturday owing to short supply, dealers said. The official spot rate picked up further Rs 150 to Rs 6250, dealers said. In both Sindh and Punjab, seed cotton prices posted fresh gain of Rs 200 to Rs 3300 and 3350 per 40 kg, respectively, they said. In ready business, more or less 3,000 bales of cotton changed hands between Rs 6450 and Rs 6700, they said.Cotton analyst, Naseem Usman said that due to short position, the prices may touch Rs 7000 in the coming days. He said that prices showed a rise of Rs 700 on short supply position. Other experts said that some ginning factories particularly in Sindh closed due to dearth of commodity against the strong demand.

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