Prices moved up on the cotton market

Prices moved up on the cotton market on Saturday in the process of trading activity in line with the international track, 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. However, the official spot rate remained unchanged at Rs 6250.

According to market sources, steady flow of buying from spinners helped the rates to look ahead. Some other leading analysts said that the ginners who have little stock of fine cotton, were reluctant in fresh selling in anticipation of getting better profit in the coming days.

Cotton analyst, Naseem Usman said that Indian government has asked the Cotton Corporation of India (CCI) to buy cotton, this move has stabilized rates and it looks that prices may not fluctuate in the near future.

The following deals were reported to have changed hands as per dealers: 1000 bales from Khairpur at Rs 6300-6315, 600 bales form Rohri at Rs 6325, 1000 bales from Dharki at Rs 6500, 200 bales from Burewala at Rs 6150, 600 bales from Chistian at Rs 6350, 100 bales from Noorpur at Rs 6450, 400 baels from Yazman Mandi at Rs 6450, 2000 bales from Sadiqabad at Rs 6500, 4400 bales from Rahimyar Khan at Rs 6500-6600 and 3600 bales from Bahawalpur at Rs 6600.

In the ready session, over 14,000 bales of cotton changed hands between Rs 6150-6600, dealers said.