RECORDER REPORT |
3 March, 2018
KARACHI: Persistent demand for fine quality pushed the rates sharply higher on the cotton market on Friday in the process of trading, dealers said.
As a result of rising demand, the official spot rate picked up more Rs 100 to Rs 7200, they added. In Sindh, seed cotton prices were at Rs 2400-3000 and in the Punjab, rates went up at Rs 2600-3100, they said. In the ready session, approximately, 5,000 bales of cotton changed hands between Rs 6300-7600, they said.
According to the market sources, due to emergence of fresh buying interest, rates gained Rs 300 since the week started. They also said that strong demand for quality cotton and short supply pushed the rates up, besides, some leading spinners, who were expecting for decline in rates last days, now making deals in a big way to replenish their stocks.
Cotton analyst, Naseem Usman, said that in fact firm rates in the global market boosting prices in the local market. Exports of textile products were not picking up but demand and rates of cotton yarn in the local market is going slightly higher, analysts added.
The following deals reported: 2400 bales of cotton from Khanpur Mehar at Rs 6900, 1200 bales from Dharki at Rs 7600, 400 bales from Haroonabad at Rs 6300 and 200 bales from Rahim Yar Khan at Rs 7400, they said. (Source: Business Recorder)