By admin       2018-04-19

Prices maintained a firm posture on the cotton market on Wednesday as some leading mills refrain from forward buying mainly because of higher rates, dealers said. The official spot rate was unchanged at Rs 7600, they added. In both Sindh and Punjab, seed cotton prices were at Rs 2800-3100, they said. In the ready session, over 4000 bales of cotton changed hands between Rs 6600-8125, they said. Market sources said that some leading mills and spinners kept on the sidelines as ginners were not interested in fresh selling at the present rates. Cotton analyst, Naseem Usman said that after the issuance of the PCGA report, prices may not fluctuate sharply in the local market in the near future. He hoped that recent rains in the country may help in achieving the cotton target for the next season. According to a fortnightly report of the Pakistan Cotton Ginners Association (PCGA), seed cotton (Phutti) equivalent to 11.579 million bales have reached ginneries across Pakistan till April 15, registering an increase by 7.94 percent compared to corresponding period of the last year. Besides, cotton rates were mixed in the world markets. The following deals were reported: 1600 bales of cotton from Ghotki at Rs 7300-8125, 1690 bales from Rahim Yar Khan at Rs 7800, 400 bales from Sadiqabad at Rs 7700-7800, 200 bales from Yazman Mandi at Rs 6650 and 200 bales from Khanewal at Rs 6600, they said.

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