Rise in demand of quality lint pushes prices higher

Pakistan cotton market on Thursday saw rise in prices with demand for quality lint surging, dealers said. According to the market sources, renewed buying was witnessed as small size of high-grade lint cotton was left with the ginners. There was no motivating factor which propelled spinners for new purchasing just shortage of fine quality.

The official spot rate increased by Rs 50 to Rs 5,250. In the Punjab prices of seed cotton were at Rs 2400 and Rs 3000 while in the ready business, over 9,000 bales of cotton changed hands between Rs 5000 and Rs 5600, dealers said.

Some brokers said that till 5 April, Indian cotton reached at 2.5 billion bales, depicting more or 60 lac bales less against the last year.

Cotton analyst, Naseem Usman said that the ginners are likely to hold back the unsold stock in anticipation of increase in the rates.

According to dealers following deals were finalized: 456 bales of cotton from Jahania sold at Rs 5000, 200 bales from Yazman Mandi at Rs 5070, 200 bales from Noorpur Nauranga at Rs 5100, 400 bales from Haroonabad at Rs 5350, 1700 bales from Mohammadpur Diwan at Rs 5400, 1400 bales from Rahim Yar Khan at Rs 5500, 400 bales from Dera Ghazi Khan at Rs 5000 and 4400 bales from Khanpur at Rs 5600.