The cotton market on Wednesday in the process of improved buying by mills and spinners, witnessed rise in cotton prices sharply, dealer said. According to market sources, short supply and strong demand by mills and spinners caused price flare-up. It is expected that the rates may go up in the coming days.
The official spot rate also picked up Rs 50 to Rs 5400 while in Punjab, rates of phutti were at Rs 2800-3150. In ready business 8000 deals of cotton bales finalized at Rs 5300-5750, dealers said.
According to cotton analyst, Naseem Usman, increase in booking orders by the foreign countries and tight supply position of Indian cotton, pushed the rates up in the local market. The yarn prices are rising modestly.
The following deals were seen finalized as per dealers: 2557 bales of cotton from Dherki sold at Rs 5300, 400 bales from Haroonabad at Rs 5350, 600 bales from Hasilpur at Rs 5400, 400 bales from Layyah at Rs 5450, 800 bales from Yazman Mandi at Rs 5400-5600, 1000 bales from Rahim Yar Khan at Rs 5550-5600 and 2000 bales from Dera Ghazi Khan at Rs 5750.
On global front, cotton market showed firmness in prices.
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