Buying by needy mills to cover their immediate requirements helped prices to hold present levels on the cotton market on Wednesday in the process of modest trading. The official spot rate was unchanged at Rs 5,550, dealers said.
In ready session, over 600 bales of cotton finalized between Rs 5100 and Rs 5850 and in Sindh, seed-cotton prices were at Rs 2800-3100, per 40 kg, as per dealers.
According to experts, more or less two ginning factories were functional across the country and ginners have nearly 100,000 bales from last's stock, which could not be disposed off due to low quality. Also more or less 15 factories would become functional in the near future
While, as per cotton analyst, Naseem Usman, due to prediction of less production, a few mill owners would have to import cotton. He also said that mills and spinners making efforts to make forward deals at their psychological levels.
The following deals were reported to have changed hands as per dealers: 100 bales from Lodhran at Rs 5150, 217 bales from Fazilpur at Rs 5250, 200 bales from Rajanpur at Rs 5500 and 100 bales from Ahmedpur at Rs 5850.
On global fronts, cotton futures rose on Tuesday to a near six-month high, touching 66 cents a lb on support from concerns over weather and a weaker dollar.
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