The upward trend in the NY cotton futures helped the rates to inch up amid moderate trading in Pakistan cotton market, according to dealers. While the official spot rate remained unchanged at Rs 5,000.
In the ready session, around 17,000 bales of cotton changed hands at Rs 4800-5300. In Sindh, rates of seed cotton were firm at Rs 2000 and Rs 2050, in Punjab prices of low type gained Rs 100 to Rs 2500 and Rs 2700.
According to cotton analyst, Naseem Usman to stabilize prices, the Trading Corporation of Pakistan (TCP) signed contracts with the ginners to buy nearly one lac bales of cotton. On the other hand, textile traders were facing losses due to cut in demand by the importing countries.
While Pakistan is losing as a result of drop of 20 percent in exports of bedwear, there has been positive development with Australia cutting tariffs on imports of Pak textile products beginning next week.
Cotton futures gave back earlier gains on Monday after the US government raised its forecasts for both US and global output in the 2014/15 crop year in its monthly world supply and demand report.
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