By admin       2017-10-12

Rising trend gained momentum on the cotton market on Tuesday in the process of strong mills' buying, dealers said. The official spot rate maintained overnight rising trend, picking up more Rs 50 to Rs 6100, they said. In the ready session, around 25,000 bales of cotton changed hands between Rs 6100-6300, they said. In Sindh seed cotton prices gained modestly at Rs 2800-3050, in the Punjab rates were up by Rs 50 at Rs 2900-3250, as per 40 kg, they said. According to the market sources, mills and spinners' interest in fresh buying of quality lint helped the rates to move up sharply. Cotton analyst, Naseem Usman said that steady arrivals of seed cotton providing an opportunity to mills to replenish their stock. The market is basing on demand and supply position, so that it looks that the rates may gain further ground in the coming days, other brokers said.

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