By admin       2017-12-14

Pakistan Cotton prices may hit Rs 7500* Rush buying pushed the rates further higher on the cotton market on Wednesday in the process of trading, dealers said. The official spot rate was higher by Rs 100 to Rs 6,800, they said. In ready session, over 22,000 bales of cotton changed hands between Rs 6100-7250, they said. In Sindh, seed cotton prices were same at Rs 2800-3300, in the Punjab, rates also held the overnight levels at Rs 2800-3400, as per 40 kg, they said. According to some analysts, short supply of seed cotton created an uncertainty among, on the other hand, the buyers hopes of import of fine quality from India is diminishing because damages by Pink Boll worm. Cotton analyst, Naseem Usman said that dollar's continued gain pushed the prices higher on the cotton market. He added that the spot rate likely to gain momentum and may hit at Rs 7500, an uncertainty prevailed in the market as buyers were not taking a sigh of relief and laying hands over the fine type as much as they can. Other experts shared the same opinion and said that shortage problem is also a basic factor behind the rise in rates.

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