By admin       2018-10-11

Sustained buying pushed the rates further higher on the cotton market on Wednesday in the process of trading activity, dealers said. The official spot rate extended overnight gains, picking more Rs 250 to Rs 8400, they added. Prices of seed cotton in Sindh were at Rs 3700-4000, in the Punjab seed cotton prices were at Rs 3700-4300 and in Balochistan, rates of seed cotton were at Rs 3800-4200, they said. In ready session, approximately 20,000 bales of cotton changed hands between Rs 8150-8700, they said. According to the market sources, as a result of persistent surge in the value of the dollar, cotton prices rose by Rs 550 within three days. Cotton analyst, Naseem Usman said that the mills were busy in buying of fine quality of cotton to replenish their stock. Other reason for sustained buying was continued rise in the value of the dollar, which caused sharp increase in the all essentials. The following deals reported: 200 bales of cotton from Tando Adam at Rs 8200, 600 bales from Dherki at Rs 8700, 800 bales from Rohri at Rs 8500/8600, 1200 bales from Saleh Pat at Rs 8650, 3000 bales from Khairpur at Rs 8500/8550, 600 bales from Sadiqabad at Rs 8650/8700, same figure from Khanpur at Rs 8650, 1000 bales from Rahim Yar Khan done at the same rate, 2000 bales from Rajanpur at Rs 8500/8600, 1400 bales from Fazilpur finalised at the same rates, 1000 bales from Khanewal at Rs 8600, 600 bales from Liaquatpur at the same rate, 400 bales from Lodhran, same number from Nurpur Noranga all done at the same price, 1000 bales from Bahawalpur at Rs 8500, 600 bales from Fort Abbas, 400 bales from Yazman Mandi all done at the equal price, 400 bales from Hasilpur at Rs 8350, 800 bales from Burewala at Rs 8150/8300, 600 bales from Haroonabad at Rs 8300, 200 bales from Layyah at Rs 8550 and 200 bales from Gilaywal at Rs 8600, they said.

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