RECORDER REPORT | 1 March, 2018
KARACHI: Strong demand for quality lint pushed the rates sharply up on the cotton market on Wednesday in the process of modest trading, dealers said.
The official spot rate after maintaining a stable trend, went up by Rs 100 to Rs 7000, they added. In Sindh and the Punjab, seed cotton prices were at Rs 2400-3000, they said. In the ready session, approximately, 5000 bales of cotton changed hands between Rs 7000-7400, they said.
According to the market sources, prices gained momentum on fresh buying interest by the spinners to replenish their stocks. As a whole, tone is firm as the cotton season nears its close. The rising trend on the world's leading cotton market played an important role in keeping prices steady in the local market, some experts said.
Cotton analyst, Naseem Usman said that small spinners were conspicuous by their absence because most of them have covered their long position.
Cotton prices were almost firm in the international markets, as in India, Shankar-6 gained Rs 1000 to Rs 40800 per candy (356 kg), J-34 rose by Rs 200 to Rs 39700 and MECH-1 gained Rs 600 they said. The following deals reported: 3900 bales of fine cotton from Sadiqabad done at Rs 7400, 600 bales from Khanpur at Rs 7275 and 200 bales from Rajanpur at Rs 7000, they said.
(Source: Business Recorder)