At cotton market on tight supply of quality lint witnessed prices heading towards season’s high on Monday dealers said. Some brokers said that demand is surging with the passage of time as country is facing shortage of nearly 5 million bales of cotton.
The official spot rate gained Rs 100 to Rs 5,650. In Punjab, seed-cotton prices were at Rs 3000 and Rs 3200 while in the ready business, around 11000 bales of cotton changed hands between Rs 5100 and Rs 5950.
According to cotton analyst, Naseem Usman, the growers failed to get any benefit from the early sowing because of cotton belt just a few weeks ago. The ginners have very little number of unsold stocks of fine cotton, which may cause further flare-up in the prices. It is before time to predict about the new record highs.
While other analysts said that the ginners showed less interest in fresh selling of cotton because they were observing rates were soaring with passing of every day.
The following deals were reported by dealers: 1000 bales of cotton from Rohri at Rs 5100, 200 bales from Ghotki at Rs 5950, 3000 bales from Khanpur at Rs 5650, 2000 bales from Khanpur at Rs 5700-5750, 300 bales from Multan at Rs 5800, 400 bales from Hasilpur at Rs 5800 and 4000 bales from Rahim Yar Khan at Rs 5900.
With India facing the same problem as Pakistan, local spinners of Pakistan are not able to purchase cotton at their psychological levels as per dealers.