Cotton prices up on rising demand

Rates improved marginally on the cotton market on Tuesday in the process of trading activity, dealers said. The official spot rate was unchanged at Rs 8,800, they added. Prices of seed cotton in Sindh were at Rs 3000-4000, in the Punjab seed cotton prices were at Rs 3600-4100 and in Balochistan, rates of seed cotton were at Rs 3600-4200, they said.

In the ready session, over 14,000 bales of cotton changed hands between Rs 8300-9150, they said. According to the market sources, fall in cotton production has failed in attracting the buyers due to uncertainty on the political front. Cotton analyst, Naseem Usman said that both buyers and sellers were not interested in making fresh deals because lack of motivating factors.

Rates of cotton in the international markets were almost down during the session, they said.

The following deals reported: 400 bales of cotton from Shahdadpur at Rs 8300, 400 bales from Nawabshah at Rs 8350, 200 bales from Ghupchani at Rs 8500, 400 bales from Khanpur Meher at Rs 9150, 400 bales from Ghotki at Rs 9000/9100, 600 bales from Panno Aqil at Rs 9000/9100, 1200 bales from Khanpur Mirus at Rs 8600, 1400 bales from Sadiqabad at Rs 9000/9025, 1600 bales from Rahim Yar Khan at Rs 8975/9000, 1000 bales from Shujabad at Rs 9000, 1600 bales from Fort Abbas at Rs 8625/8725, 1800 bales from Yazman Mandi at Rs 8627/8700, 400 bales from Hasilpur at Rs 8600, 200 bales from Chistian at Rs 8500, 400 bales from Layyah at Rs 8500, 600 bales from Burewala at Rs 8450 and 400 bales from Haroonabad at Rs 8400, they said.