Prices higher amid improved activity on cotton market

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Rates moved up on the cotton market on Monday as mills started buying of cotton to cover the forward needs, dealers said.

The official spot rate was inert at Rs 5,800, they said.

Prices of seedcotton in Sindh were at Rs 1800-2450 and in the Punjab at Rs 2000-2750, they said.

In ready dealings, about 10,000 bales of cotton changed hands at Rs 4,250-6000, they added.

Some brokers said that trading activity improved because local traders became active as China and other Asian market opened after long holiday.

Many other buyers were on the sidelines due to slowdown in business activity globally and locally, they said.

On the other hand the ginners increased the asking prices to get the better profits, they added.

The following deals were reported: 200 bales of cotton from Shah Pur Chaker sold at Rs 4250, 400 bales of cotton from Shahdad Pur at Rs 4600, 200 bales of cotton from Sanghar at Rs 4900, 800 bales of cotton from Kotri at Rs 4650/5000, 400 bales of cotton from Obaro at Rs 6000, 600 bales of cotton from Bahawal Pur at Rs 5600/5700, 400 bales of cotton from Bakkhar at Rs 5800, 400 bales of cotton from Dera Ghazi Khan at Rs 5900, 3000 bales of cotton from Kabir Wala at Rs 6000, 2000 bales of cotton from Rahim Yar Khan at Rs 5800/6000, 1000 bales of cotton from Sadiqabad at Rs 5800.

Source: http://www.brecorder.com/cotton-a-textiles/single/625/185/1148952/

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