By admin       2018-03-22

An upward trend was again witnessed on the cotton market on Wednesday due persistent demand by spinners and mills, dealers said. Official spot rate was unchanged at Rs 7500, they added. In Sindh and Punjab seed cotton prices were at Rs 2800-3100, they said. In the ready session, over 2000 bales of cotton finalised between Rs 6600-7800, they said.Market sources said that prices maintained a stable trend as the spinners showed fresh buying interest despite slow supply of quality lint. Polyester fibre went up following the appreciation in the value of the dollar, they said and adding that rates of cotton may go up in the coming days.Cotton analyst, Naseem Usman said that the trading activity could not pick up owing to the shortage of fine quality cotton. He also said that the dollar's sharp gain likely to give a boost to other commodities. Adds Reuters: The cotton prices depicted an upward trend in the world markets.The following deals reported: 200 bales of cotton from Mianwali sold at Rs 7800, same figure from Fazilpur at the same rate, 600 bales from Khanpur at Rs 7300, 600 bales from Haroonabad at Rs 6600, 400 bales from Ahmedpur East at the same rate and 400 bales from Noorpur Nouranga at Rs 6900, they said.

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