By admin       2018-04-11

As a result of renewed buying by mills and spinners, the ginners raised asking prices to gain profit on the cotton market on Tuesday in the process of improved trading activity, dealers said. The official spot rate was unmoved at Rs 7500, they added. In both Sindh and Punjab, seed cotton prices were at Rs 2800-3100, they said. In the ready session, prices also gained momentum as over 7000 bales of cotton changed hands between Rs 6350-8000, they said. Market sources said that volume of business expanded due to rising demand by mills and spinneRs Cotton analyst, Naseem Usman said that prices are improving with slow pace due to short supply against the strong demand for quality cotton. Report coming from cotton fields that at the time of sowing growers are facing acute shortage of irrigation water, other experts observed. It is indicating that new cotton arrivals may be delayed for the next season, they observed. In the international markets cotton prices are firm during the session, they said. The following deals were reported: 2800 bales of cotton from Dharki at Rs 7900/8000, 900 bales from Khanpur Maher at Rs 7925, 1200 bales from Layyah at Rs 6350, 900 bales from Khanewal at Rs 6560, 200 bales from Haroonabad at Rs 6700, same figure from Vehari at Rs 6800 and same figure from Uch Sharif at Rs 7000, they said.

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