With spinners getting indulged in forward buying amid short supply position, prices recovered on the cotton market on Friday, dealers said. In the ready business, around 5000 bales of cotton changed hands between Rs 4500-6000 while in the Punjab, prices showed no change at Rs 3100 and Rs 3400. The official spot rate recovered majorly from Rs 100 to Rs 5,650.
The Pakistan cotton Ginners Association (PCGA), chairman Shahzad Ali Khan said that the rise in prices, propelled growers to bring more areas under the cotton cultivation. But, unfortunately, cotton business is not in a proper manner or moving without any direction, so they feel the government come forward to save textile industry and also announce a comprehensive cotton policy as early as possible, he said.
According to Cotton analyst, Naseem Usman, the Trading Corporation of Pakistan (TCP) sold nearly 3500 bales of cotton to mills, price ranging Rs 5810-5885. The ginners, who have limited stock of quality lint, were not prepared to sell at the current rates despite imports from cotton producing countries. During the last one month, around 35,000 tonnes of cotton were imported to meet the demand.
The following deals were reported to have changed hands as per dealers: 1650 bales of cotton from Shahdadpur at Rs 4500 and Rs 4550, 585 bales from Hala at Rs 5500, 600 bales from Kasso Wal at Rs 5350, 400 bales from Bakhar at Rs 5450, same figure from Shaher Sultan at Rs 5650 and 1000 bales from Layyah at Rs 6000 (contiditional).
On global front, China's cotton reserve auctions are off to a rapid start, outpacing last year's sales in the first week alone, a sign of a shortage of high-grade supplies in the world's top textile market, the US government said in a report published on Thursday.
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