Sustained demand boosts cotton rates


STAFF REPORT ISB: Sustained demand for quality lint has boosted the rates on the cotton market in the process of modest trading.


In the ready session, over 4,000 bales of cotton changed hands between Rs 4625 and Rs 5275, dealers said. The prices of seed cotton in Sindh were at Rs 1900 and Rs 2350 and in Punjab rates were at Rs 2000 and Rs 2650, they said.


Market sources said that thin business activity was seen as mills and spinners kept on the sideline owing to tight supply of best quality.


Cotton expert Naseem Usman said that falling trend in the world oil prices and firmness of dollar may help improving the demand by the importing countries.


The ginners who have not enough unsold stock were trying to increase rates ahead of the Pakistan Cotton Ginners Association (PCGA) fortnightly arrivals figure.

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