At the Pakistan cotton market on Wednesday following the persistent demand by mills and spinners, witnessed improvement in the volume of business, dealers said. In Sindh, seed cotton prices were at Rs 2200-2400, and in Punjab prices were at Rs 2400 and Rs 2900.
In the ready business, nearly 10,000 bales finalized between Rs 4750-5500. The official spot rate also remained unchanged at Rs 5,300.
According to the market sources, volume of business improved as needy spinners indulged in panic buying to replenish their stock. In the meantime, they have failed to get quality lint due to short supply.
Cotton analyst, Naseem Usman attributed the rise in volume of business to export of cotton yarn to China. He further said that Pakistan has exported around 130 tonnes of cotton yarn to China. The ginners have only 500,000 bales of unsold cotton but major part of unsold cotton is low quality.
On the one hand, the country is facing shortly supply of fine type, on the other hand, demand for textile products remained on the decline due to world recession, other experts said.
According to dealers following deals changed handslised: 600 bales of cotton from Shahdadpur at Rs 4750, 370 bales from Salehpat at Rs 5375, 4113 bales from Dharki at Rs 5485-5500, 2862 bales from Ghotki at Rs 5500, 218 bales from Khanewal at Rs 4500, 600 bales from Sadiqabad at Rs 5400-5500 and 1200 bales from Rahim Yar Khan at Rs 5400-5500.
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