By admin       2018-01-23

Trading activity improved on the cotton market on Monday as some needy mills and spinners indulged in fresh buying, dealers said. The official spot rate was unchanged at Rs 7,500, they added. In ready session, over 6000 bales of cotton changed hands between Rs 6400-8000, they said. In both Sindh and the Punjab, seed cotton prices were same at Rs 2800 and Rs 3500, they said. According to the market sources most of the leading buyers have already purchased to cover their requirements. Cotton Analyst, Naseem Usman, however, said that small investors were willing to buy as much as they can. He also said that Indian cotton prices soared as Shankar's gained Rs 400 to Rs 41900 per candy 456kg and MECH-1 picked up Rs 800 to Rs 40600. Other experts said that prices stained firmness in the local market and it looks that rates may go up in the coming days. The following deals reported: 800 bales of cotton from M. P. Deewan at Rs 8000, 3000 bales from Khanpur at Rs 7775, 400 bales from Ghazi Ghat at Rs 7400, 200 bales from Khanewal at Rs 7000, 400 bales from Fort Abbas at Rs 6950, 200 bales from Kachi Wala at Rs 6800, 400 bales from Chowk Azam at Rs 6500 and 1000 bales from Mianwali at Rs 6400, they said.

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