Prices maintained upward march on the cotton market on Tuesday in the process of trading, dealers said. The official spot rate maintained it's overnight level at Rs 8200, they added. Prices of seed cotton in Sindh were at Rs 3800-4200, while in the Punjab rates were at Rs 3700-4200, they said.
In ready session, over 2000 bales of cotton finalised between Rs 8350-Rs 8425, they said.
Market sources said that mills indulged in fresh purchasing of fine quality to meet their demand.
Cotton analyst, Naseem Usman said that sowing has almost completed and it looks that monsoon rains may be beneficial for the standing cotton crop in the field.
To save from attacks of viruses several measures taken, a spokesman of the provincial agriculture department warned that cotton crop is susceptible to attack of Cotton Leaf Curl Virus (CLCV) this year because of climatic change.
To mitigate this disease effect and for its control it is advised that farmers must eliminate weed from their cotton fields and vicinity. Cotton Leaf Curl Virus (CLCV) mainly spread due to attack of Whitefly which serves as mediator of this disease.
Besides, in India, according to reports, cotton sowing was down 24 percent, while rice planting lagged 15 percent during the period. Monsoon rainfall was 8 percent lower than normal as of July 8, but in some states such as Uttar Pradesh the rainfall deficit was as high as 46 percent, data compiled by the state-run India Meteorological Department (IMD) showed.
Sowing is likely to pick up in the coming weeks as monsoon has covered the entire country more than a fortnight ahead of the normal schedule.
Prices of cotton in China and India are steady in the process of trading, dealers said.
Adds Reuters: ICE cotton futures rose on Monday to touch an over one-week high supported by dry weather concerns in Texas, the top cotton producing state in the United States.
The most active cotton contract on ICE Futures US, the third-month December contract, settled up 1.02 cent, or 1.21 percent, at 85.47 cents per lb. It traded within a range of 84.14 and 85.72 cents a lb, touching a peak since June 29.
Following deals reported: nearly 400 bales of cotton from Shahdadpur at Rs 8400, 200 bales from Kotri at Rs 8375, 100 bales from Chichawatni at Rs 8400, 200 bales from Vehari at the same rate, same figure from Burewala at Rs 8350-8425, 200 bales from Mongi Bangla at Rs 8350 and same figure from Sammandri at the same rates, they added.