Prices toughed season's high on the local cotton market on Monday in the process of improved business activity, dealers said. The official spot rate, after a short break, started showing it's muscles, picking up Rs 100 to Rs 8200, they added. Prices of seed cotton in Sindh gained Rs 200 to Rs 4000-4250, in the Punjab, rates were also higher at Rs 3700-4400, they said.
In ready session, 3000 bales of cotton finalised between Rs 8300-Rs 8400, they said. According to the market sources short flow of seed cotton propelled some needy mills and spinners to make new deals despite higher rates.
Cotton analyst, Naseem Usman said that several factors delayed the current cotton season particularly acute shortage of irrigation water. Besides, other brokers said that cotton quality is also reported to be not so good and ginners have preferred to stop their operation till smooth arrivals of phutti.
Prices of cotton in the Indian markets were higher on Monday, dealers said.
Following deal of 1600 bales of cotton from Tando Adam sold at Rs 8350-8400, 200 bales from Sanghar at Rs 8300, 600 bales from Sanghar at Rs 8300-8350 and 400 bales from Burewala done at the same rate, they added.