By admin       2017-12-26

Firm trend persisted on the cotton market on Friday as the prices maintained present levels in the process of trading, dealers said. The official spot rate was unchanged at Rs 7000, they said. In ready session, around 20,000 bales of cotton changed hands between Rs 6250-7500, they said. In Sindh and Punjab, seed cotton prices were at Rs 2800-3500, as per 40 kg, they said. Commenting on the current situation in the market, some experts said that local buyers were bound to buy the domestic cotton under the present condition. Cotton analyst, Naseem Usman said that tight supply is main factor behind the firmness of prices. Many buyers in the market were sure about the further rise in the value of the dollar, furthermore, globally increase in cotton rates and cancellation of some deals by India, giving boost to the local price hike. Adds Reuters: ICE cotton surged 3 percent in its biggest one-day percentage gain in two months on Thursday, buoyed by speculator buying and partly supportive US export sales data as benchmark prices hit a seven-month high. Cotton contracts for March settled up 2.23 cents, or 2.95 percent, at 77.94 cents per lb after touching a peak of 78.07 cents a lb, an all time high for the contract, earlier in the session. The following deals reported: 600 bales of cotton from Saleh pat at Rs 7000, 800 bales from Rasoolabad at Rs 6700, 6400 bales from Khanpur at Rs 7500, 2000 bales from Kot Sabzal at Rs 7400/7500, 2000 bales from Rahim Yar Khan at Rs 7500, 2000 bales from Sadiqabad at Rs 7500, 1800 bales from Jalalpur at Rs 6800/7400, 200 bales from Hasilpur at Rs 7350, 400 bales from Ahmedpur East at Rs 6900, 600 bales from Shujabad at Rs 6800/6850, 200 bales from Basti Maluk at Rs 6800, 600 bales from Fort Abbas at Rs 6550/6750, 200 bales from Marot at Rs 6700, 400 bales from Burewala at Rs 6385 and 600 bales from Khanewal at Rs 6250, they said.

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