Cotton prices rise further due to heavy rains and persistent demand by mills and spinners, at cotton market on Wednesday, dealers said. The official spot rate was higher by Rs 50 to Rs 5,750. In Sindh seed cotton prices were at Rs 3100-3300 while in Punjab phutti prices were at Rs 3100 and Rs 3350, per 40 kg, respectively.
According to the market sources, cotton prices moving up with the passage of time the world over owing to shortage problem.
Cotton analyst, Naseem Usman said that prediction of heavy rains in both cotton producing Pakistan and India was alarming as the rains may prove damaging for the standing crop.
Other analysts said that in India yarn was not available easily and rates are on rise. The prices could go up further after Eid-ul-Fitr.
In ready business, around 5000 bales of cotton changed hands between Rs 5000 and 5975. While nearly 9000 bales of cotton of new crop of Sindh and Punjab were sold between Rs 6200 and Rs 6300.
The following deals were reported to have changed hands as per dealers: 600 bales of cotton from Sarhari at Rs 5000, 450 bales from Mirpur Khas at Rs 5500, 1400 bales from Kabirwala at Rs 5600, 1200 bales from Haroonabad at Rs 5925 and 800 bales of cotton from Fort Abbas at Rs 5975.
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