Sharp rise in rates seen on the cotton market on Tuesday, due to short supply and sporadic rains in some parts of cotton belt. In Sindh seed cotton prices were higher by Rs 50 to Rs 3250 and Rs 3400 and in Punjab, phutti prices gained Rs 100 to Rs 3250 and Rs 3400 per 40 kg, respectively, dealers said.
The official spot rate also went up by Rs 150 to Rs 6,600.
According to cotton analyst, Naseem Usman, mills and spinners have no choice just to buy cotton even at higher prices. Hovering fears of further rise in the rates is propelling mills to make forward buying.
Other analysts said that tight supplies from Punjab haunting ginners to increase prices, to meet their export consignments, mills are importing cotton, seeking no rise in the import duty.
While some brokers said that with the passage of time, the prices are rising in the world market and local markets, as well.
The following deals were reported to have changed hands as per dealers: 200 bales of cotton from Maqsoodo at Rs 6700/6750, 800 bales from Kotri at Rs 6700/6750, 600 bales from Hala at Rs 6700/6775, 400 bales from Shahpur Chakar at Rs 6750/6775, 1400 bales from Shahdadpur at Rs 6700/6800, 2000 bales from Tando Adam at Rs 6700/6800, 1600 bales from Sanghar at Rs 6700/6800, 1000 bales from Hyderabad at Rs 6700/6800, 2000 bales from Mirpurkhas at Rs 6700/6825, 400 bales from Vehari at Rs 6750, 400 bales from Khanewal at Rs 6950 and 400 bales from Chichawatni at Rs 7000.
In ready business, around 10000 bales of cotton changed hands between Rs 6700 and Rs 7000.
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