Prices recovered slightly on the cotton market on Tuesday with the fall in arrivals of seed cotton from the Punjab station due to late sowing, dealers said. In both Sindh and Punjab, seed cotton prices were at Rs 3000 and Rs 3200 per 40 kg, respectively.
The official spot rate picked up Rs 50 to Rs 6,250, dealers said. In ready business, around 8,000 bales of cotton changed hands between Rs 6450 and Rs 6700.
Naseem Usman, cotton analyst commenting on the fresh development said that decline in fresh arrivals also propelling ginners to raise asking prices, helped prices to halt further erosion in the value.
The following deals were reported to have changed hands as per dealers: 100 bales from Karachi at Rs 6450, 1200 bales from Mirpurkhas at Rs 6450/6500, 1000 bales from Shahdadpur at Rs 6450/6500, 1000 bales from Tando Adam at Rs 6450/6500, 1200 bales from Sanghar at Rs 6450/6500, 800 bales from Hala at Rs 6450/6500, 600 bales from Kotri at Rs 6500, 600 bales from Hyderabad at Rs 6500, 200 bales from Chichawatni at Rs 6700 and 400 bales from Khanewal at Rs 6700.
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