By admin       2017-10-10

Prices moved higher on the cotton market on Monday despite strong pace of seed cotton arrivals, dealers said. The official spot rate gained Rs 50 to Rs 6050, they said. In the ready session, around 14,000 bales of cotton changed hands between Rs 6150-6250, they said. In Sindh seed cotton prices gained modestly at Rs 2800-3050, in the Punjab rates were up by 100 at Rs 2900-3200, as per 40 kg, they said.Commenting on surging trend, cotton analyst, Naseem Usman said that in fact prices went up as the ginners raised asking rates. During the last sessions, the mills and ginners lay hands over the fine quality to replenish their stock, experts said but on the other hand, the ginners started pushing the rates up to gain profits, they added. It was surprising to note that instead of falling trend in rates, prices of best quality are gaining momentum, they observed. They said that volume of business improved in yarn trading, besides, some leading exporters were also showing interest in fresh buying.Other analysts said that speculations about the rupee's devaluation versus the dollar were also playing a role in persistent buying of the local cotton. The following deals were reported to have hanged hands on the ready counter: 1600 bales of cotton from Saleh Pat at Rs 6200/6250, 1200 bales from Rohri at Rs 6175/6200, 2000 bales from Khairpur at Rs 6150/6200, 600 bales from Layyah at Rs 6200, 800 bales from Muhammadpur Dewan at Rs 6175/6225, 600 bales from Rajanpur at Rs 6250, 2000 bales from Mianwali at Rs 6150/6200, 400 bales from Bahawalpur at Rs 6175, 200 bales from Jalalpur at Rs 6200, 1000 bales from Khanewal at Rs 6250, 600 bales from Burewala at Rs 6150, 400 bales from Alipur at Rs 6175, 600 bales from Chistian at Rs 6125, 400 bales from Bahawal Nagar at Rs 6150, 200 bales from Tonsa Sharif at Rs 6200 and 200 bales from Mian Channu at Rs 6225, they said.

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