Cotton prices up on modest business

Prices of cotton improved on the cotton market on Monday as political situation eased in the country, dealers said. The official spot rate was higher by Rs 100 at Rs 8,750, they added. Prices of seed cotton in Sindh were up by Rs 100 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, over 12,000 bales of cotton changed hands between Rs 8100-9150, they said. Market sources said that trading activity started picking up after improvement in the law and order situation. Cotton analyst, Naseem Usman said that shortage of cotton for several reasons, propelled mills to cover their immediate requirements.

Rates of cotton lifted from bottom owing to tight supply of lint cotton, they said and adding that polyester prices, however, slashed by Rs 6 to Rs 194 per kg. Last week, the Pakistan Cotton Ginners Association (PCGA) released cotton arrival figure, showing fall against the last year.

About 7.706 million cotton bales were arrived in the local markets during the first week of November 2018 as compared to the arrival of 8.134 million bales in the corresponding month of last year. Cotton futures were almost down in the international markets, they said.

The following deals reported: 400 bales of cotton from Nawabshah at Rs 8400, 600 bales from Moro at Rs 8500/8550, 800 bales from Ghotki at Rs 8100/9150, 600 bales from Dherki at Rs 9100, 400 bales from Sachal at Rs 9100, 1000 bales from Saleh Pat at Rs 8850/8900, 1000 bales from Rohri at Rs 8800, 1000 bales from Khairpur Mirus at Rs 8800, 400 bales from Kachiwal at Rs 8600, 600 bales from Faqirwali at Rs 8600, 1400 bales from Haroonabad at Rs 8700, 1000 bales from Sadiqabad at Rs 8900/9050, 800 bales from Rahim Yar Khan at Rs 9000, 600 bales from Liaquatpur at Rs 9000, 400 bales from Hasilpur at Rs 8550/8600, 400 bales from Mianwali at Rs 8800, 400 bales from Rajanpur at Rs 9000, 800 bales from Fort Abbas at Rs 8750 and 200 bales from Maroot at Rs 8800, they said.