Cotton prices gain momentum at the cotton market in the process of modest trade activity on Wednesday. The official spot rate moved higher by Rs 50 at Rs 6300, dealers said. In Sindh, seed cotton prices were at Rs 2600-3250 while, in Punjab, phutti rates were at Rs 2800 and Rs 3500, as per 40 kg.
Cotton analyst, Naseem Usman said that nothing is new except sharp rise in the international market, influenced the rates of cotton in the domestic market.
Furthermore, these days, the leading exporters of textile products are busy in preparations of Heimtextil, the biggest trade exhibition of textile products which is to be held in Frankfurt, Germany from January 10 to 13.
Besides, spinners were taking interest in import of cotton from India because the cotton production is estimated over 10 million bales, indicating that country has to import more or less four million bales to fulfil requirement.
The following deals reported: 500 bales from Sanghar at Rs 5525, 400 bales from Mirpur Mathalo at Rs 6550, 1000 bales from Dharki at the same rate, 1400 bales from Ghotki at Rs 6550-6600, 200 bales from Burewala at Rs 6100, 600 bales from Haroonabad at Rs 6450, 500 bales from Basti Malook at Rs 6550 and 400 bales from Rahim Yar Khan at Rs 6600, dealers said.
In the ready session, around 5,000 bales of cotton changed hands between Rs 5525-6600, they said.
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