Cotton prices rise on steady demand for best quality

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STAFF REPORT ISB: Official spot rates recovered more due to the rising demand for best quality of cotton by the spinners and mills as the official spot rate picked up further Rs 50 to Rs 4,750.In the ready session, around 10,000 bales of cotton changed hands between Rs 4600-5000, experts said. In Sindh, prices recovered overnight, gaining Rs 100 to Rs 1600 and Rs 2300, in Punjab price of low type also rose by Rs 100 to Rs 2100, however, the good type shed Rs 50 to Rs 2600, they said. Cotton analyst, Naseem Usman said in expectations of improvement in demand for the rates of good quality cotton is rising. This factor likely to boost demand for fine quality cotton in the local market, they said. It is a positive development that phutti arrivals figures showing continued rise during the last current session. Cotton tends to track the markets for grains with which it competes for acreage. The following deals reported: 400 bales from Karror Pakka at Rs 4600, 1000 bales from Khanewal at Rs 4625, 1000 bales from Bahawalpur at Rs 4800, 1000 bales from Haroonabad at Rs 4800, 400 bales from Hasilpur at Rs 4825, 600 bales from Mianwali at Rs 4900, 1000 bales from Sadiqabad at Rs 5000, 1600 bales from Rahim Yar Khan at Rs 5000 and 3000 bales from Khanpur at Rs 5000, they said.


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Published in: Volume 05 Issue 49

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