Trading activity improved on the cotton market on Wednesday amid marginal fluctuations in rates, dealers said. The official sport rate was unchanged at Rs 7000, they added. Prices of seed cotton were in Sindh per 40 kg were at Rs 2500 and Rs 2700, in Punjab, prices followed same pattern, showing no change at Rs 2500 and Rs 3300, dealers said.
According to the market sources, mills, spinners and exporters showed interest in fresh purchasing due to uncertainty about the arrivals of cotton, so depleting stock of better quality was encouraging ginners to raise prices. cotton analyst, Naseem Usman said that prices may not move sharply due to little stock of unsold cotton, exporters were in the market but not indulged in panic buying of low type.
The NY cotton futures were higher on Tuesday. The following deals reported as 3000 bales of cotton Rahim Yar Khan sold at Rs 7200, 400 bales from Shahpur Chakkar at Rs 6650, same figure from Sadiquabad at Rs 7200, same number from Alipur at the same rate, 1000 bales from Ahmedpur at Rs 7150, 400 bales from Gojra at Rs 6950, 800 bales from Fort Abbas at same rate, 400 bales from vehari at Rs 6850, 3000 bales from Haroonabad at Rs 6950, 1600 bales from Faqirwali at Rs 6950 and 1000 bales from Noorpur at Rs 7075, dealers said.