Cotton market saw firmness in prices on moderate trade

Cotton prices at Pakistan cotton market continue to remain firm on moderate trade on Friday as buyers remained in the forefront of buying spree to reload their stock, according to dealers. The official spot rate remained unmoved at Rs 6300.

In Sindh, seed cotton prices were at Rs 2600-3300, while in Punjab, phutti rates were at Rs 2800 and Rs 3550, as per 40 kg, dealers added.

According to some analysts, prices are expected to remain stable due to persistent demand by the spinners. Most of the leading buyers were upset over the issue of cotton import from India because, import of cotton from other sources will be costlier.

Besides, cotton analyst, Naseem Usman observed that the spinners on their part are perturbed over the issues of low supply of gas against higher rates.

The following deals as per dealers reported to have changed hands were: 400 bales from Kazi Ahmed at Rs 5950, 600 bales from Nawabshah at Rs 6000, 400 bales from Kandiyro at Rs 6150, 1000 bales from Salehpat at Rs 6350, 1000 bales from Rohri at Rs 6350, 400 bales from Dharki at Rs 6500, 1000 bales from Ghotki at Rs 6550, 1800 bales from Mianwali at Rs 6000, 600 bales from Vehari at Rs 6200, 400 bales from Burewala at Rs 6200, 1000 bales from Hasilpur at Rs 6200/6600, 1000 bales from Haroonabad at Rs 6300/6375, 800 bales from Khanewal at Rs 6300/6600, 600 bales from Faqirwali at Rs 6350, 1200 bales from Yazman Mandi at Rs 6350, 600 bales from Ahmedpur at Rs 6500, 3600 bales from Rahim Yar Khan at Rs 6500/6550, 600 bales from Liaquatpur at Rs 6500/6600, 400 bales from Shujabad at Rs 6600, 1800 bales from Khanpur at Rs 6600 and 600 bales from Bagobahar at Rs 6600.

In the ready session, over 20,000 bales of cotton were seen to have changed hands between Rs 5950-6600, as per dealers.