Despite slow supply, trading activity witnessed improvement on the cotton market on Monday as needy mills and spinners lay hands over the fine quality to meet their demand, said dealers. The official spot rate remained unchanged at Rs 5,500.
According to the market, slow arrivals of seed cotton propelled mills and spinners to make deals at higher rates.
In Sindh, low type of seed cotton price rose by Rs 100 to Rs 3000 and better quality was up by Rs 150 to Rs 3200, per 40 kg, they said. In ready session, over 3000 bales of cotton changed hands between Rs 5225 and Rs 5825, dealers said.
Cotton analyst, Naseem Usman said that more or less eight ginning factories in Sindh and Punjab are operational in the country.
While, some experts said that sowing in Sindh has been completed and cotton cultivated area in Sindh is 10 percent less as compared to last year, while in Punjab sowing is still under way.
The following deals reported to have changed hands as per dealers: 800 bales from Chotti at Rs 5500-5575, 100 bales from Jalalpur at Rs 5225, 1291 bales from Basti Malook at Rs 5800 (conditional), 700 bales from Kotri at Rs 5800, 100 bales from Shahdadpur at Rs 5825 and same figure from Sanghar at the same rate.
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