Prices went up sharply on the cotton market on Wednesday in the process of hectic buying, dealers said. The official spot rate rose by Rs 100 to Rs 6350, they said. Seed cotton prices in both Punjab and Sindh went up by Rs 150 to Rs 3300-3350, they said.
In ready business around 10,000 bales of cotton changed hands between Rs 6475 and Rs 6775, they added. According to the market sources, tight supply from Punjab forced the mills to finalise deals in Sindh. Cotton analyst, Naseem Usman said cotton prices, in late evening, in Sindh were at Rs 6700 and in Punjab prices were at Rs 6900. So, he said that, it looks the rates may go up in the near future.
Other, brokers said that the ginners were trying to make deals above the psychological levels.
Reuters adds: New York cotton futures were higher on Tuesday. The following deals were reported: 1400 bales of cotton from Tando Adam sold at Rs 6475/6550, 2000 bales from Sanghar at Rs 6475/6600, 800 bales from Kotri at Rs 6500/6550, 1000 bales from Hyderabad at Rs 6500/6550, 2000 bales from Shahdadpur at Rs 6500/6550, 1200 bales from Mirpurkhas at Rs 6500/6550, 400 bales from Kunri at Rs 6550, 400 bales from Hala at Rs 6550, 200 bales from Golarchi at Rs 6550 and 600 bales from various stations done at Rs 6775.