Prices maintained rising trend on the cotton market on Tuesday as mills and spinners continued buying following the fears of further cut in supply of lint cotton and some positive developments on economic front, dealers said.
The official spot rate extended overnight gains, picking up Rs 100 at Rs 8,850, they added. Prices of seed cotton in Sindh were at Rs 3700-4200, in the Punjab seed cotton prices were at Rs 3700-4300 and in Balochistan, rates of seed cotton were at Rs 3800-4300, they said. In the ready session, about 30,000 bales of cotton changed hands between Rs 8250-9100, they said.
According to the market sources, mills who were on the sidelines due to some reasons, now indulged in fresh buying of cotton to cover their needs. Furthermore, cotton analyst, Naseem Usman said that the Pakistan Cotton Ginners Association (PCGA) arranged a meeting in Bahawalpur, under the chairmanship of Mian Mohammad Mehmood to discuss core issues and demanded of the government to wave SRO 188, otherwise, they would stop purchasing of phutti from tomorrow. Besides, reports showing that the exporting industries appealed for implementation of commitment to provide gas at 6.5 dollars to the textile industry.
Commenting on recent Prime Minister's China visit, he said that China is willing to increase exports of textile products, which will bring positive change on the economic front. Volume of business likely to come down as Hindu women pickers residing in Bahawalpur and different villages of Cholistan will celebrate Diwali on Wednesday, other brokers said. Cotton futures were up in the New York, while rates of cotton moved both ways in other parts of globe, they said. The following deals reported: 800 bales of cotton from Shahdadpur at Rs 8400/8500, 400 bales from Tando Adam at Rs 8250/8500, 400 bales from Shahpur Chakar at Rs 8400, 1000 bales from Nawabshah at Rs 8400/8500, 1000 bales from Khairpur at Rs 8750/8775, 1000 bales from Saleh Pat at Rs 8900, 600 bales from Khanpur Mehar at Rs 9100, 1200 bales from Ghotki at Rs 9100, 600 bales from Dherki at Rs 9100, 1200 bales from Rohri at Rs 8850/9050, 1400 bales from Khanpur at Rs 9100, 3600 bales from Rahim Yar Khan at Rs 9100, 2400 bales from Sadiqabad at Rs 9100, 400 bales from Rajanpur at Rs 9000, 800 bales from Kot Addu at Rs 8900, 800 bales from Bahawalpur at Rs 8800, 1400 bales from Mianwali at Rs 8750/8800, 1200 bales from Yazman Mandi at Rs 8800/8850, 1800 bales from Fort Abbas at Rs 8750/8790, 2000 bales from Haroonabad at Rs 8650/8750, 400 bales from Chistian at Rs 8600, 600 bales from Hasilpur at Rs 8600/8650, 600 bales from Layyah at Rs 8600/8625, 200 bales from Kachiwala at Rs 8600, 400 bales from Chani Goth at Rs 8875 and 400 bales from Shadan Lund at Rs 8900, they said.