Speculative buying pushed the rates higher on the cotton market on Monday in the process of trading, dealers said. The official spot rate gained Rs 50 to Rs 6150, they said. In the ready session, over 30,000 bales of cotton changed hand between Rs 6050-6350, they said. In Sindh, seed cotton prices were unchanged at Rs 2600-2800 and in Punjab rates were at Rs 2600-2900 as per 40 kg, they said.
According to market sources, in fact rates of cotton were moving with the tract of globe. Hurricane impacted negative as a whole, because leading spinners rushed to make fresh deals at the present levels, they said. Cotton analyst, Naseem Usman, however, said that in the evening prices turned soft as Hurricane Irma, one of the most powerful storms in a century, headed toward Florida and the Southeast.
The following deals reported: 1400 bales from Kotri at Rs 6050/6100, 2000 bales from Sanghar at Rs 6050/6100, 3000 bales from Shahdadpur at Rs 6050/6150, 2000 bales from Mirpurkhas at Rs 6050/6150, 1000 bales from Khipro at Rs 6100, 600 bales from Jhole at Rs 6100, 2000 bales from Tando Adam at Rs 6100/6150, 1600 bales from Hyderabad at Rs 6100/6125, 1600 bales from Nawabshah at Rs 6200/6225, 1000 bales from Kandiyaro at Rs 6225/6250, 2000 bales from Khairpur at Rs 6250, 1000 bales from Haroonabad at Rs 6300, 600 bales from Chistian, 800 bales from Chichawatni, 400 bales from Mianchano, 600 bales from Fort Abbas, 1200 bales from Burewala, 400 bales from Sahiwal, 800 bales from Khanewal, 1000 bales from Bahawalpur, 1400 bales from Vehari all finalised at the same rates, 1200 bales from Hasilpur at Rs 6300/6350 and 800 bales from Rajanpur at Rs 6350, dealers said.