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Cotton market witnessed prices hitting season’s high

YarnsandFibers News Bureau 2017-11-10 14:00:00 – Karachi

At Pakistan cotton market, prices hit season's high on Wednesday and the official spot rate was higher by Rs 50 to Rs 6500, dealers said. According to dealers more or less 200 bales of Baloch cotton sold at Rs 7000, Baloch cotton produced around 5000 bales per year.

In Sindh seed cotton prices were up by Rs 100 to Rs 2800-3300, in the Punjab rates were at Rs 2900-3400, as per 40 kg. Besides, in the ready session, over 25,000 bales of cotton changed hands between Rs 5600-6800.

The following deals reported to have changed hands on the ready counter were: 800 bales of cotton from Ghotki at Rs 6750, 1000 bales from Rohri at Rs 6450/6500, 1400 bales from Khairpur at Rs 6500/6600, 2000 bales from Shahdadpur at Rs 5600/6100, 200 bales from Shahpur Chakar at Rs 6200, 1200 bales from Tando Adam at Rs 5600/6150, 200 bales from Buchari at Rs 6250, 400 bales from Kotri at Rs 6000, 1600 bales from Fazilpur at Rs 6700/6800, 600 bales from Muhammadpur Dewan at Rs 6750, 3200 bales from Rahim Yar Khan at Rs 6750, 800 bales from Liaquatpur at Rs 6700/6750, 1600 bales from Sadiqabad at Rs 6700, 1200 bales from Alipur at Rs 6700, 1400 bales from Rajanpur at Rs 6700/6800, 800 bales from DG Khan at Rs 6650, 200 bales from Lodhran at Rs 6600, 400 bales from Mianwali at Rs 6600, 600 bales from Fort Abbas at Rs 6450/6600, 600 bales from Bahawalpur at Rs 6600, 400 bales from Ahmedpur East at Rs 6600, 600 bales from Layyah at Rs 6450/6500, 400 bales from Hasilpur at Rs 6500, 600 bales from Burewala at Rs 6500, 800 bales from Haroonabad at Rs 6450/6500, 400 bales from Chichawani at Rs 6450 and 200 bales from Vehari at Rs 6450.

According to the market sources, high demand originated from leading spinners and mills, induced positive sentiments.

Cotton analyst, Naseem Usman said that buying spree originated by reports of recent heavy fog in the Punjab could adversely affect growth of cotton crop.

On the other hand, pace of phutti arrivals slowed down due to the said reason.

Other experts attributed the slight fall in volume of business to cautious attitude of ginner towards the new deal.

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