The cotton market on Wednesday was in the process of modest trading with strong demand for quality lint pushing the rates sharply up. According to the market sources, prices gained momentum on fresh buying interest by the spinners to replenish their stocks.
The official spot rate after maintaining a stable trend went up by Rs 100 to Rs 7000, dealer said. In Sindh and the Punjab, seed cotton prices were at Rs 2400-3000 while in the ready session, approximately, 5000 bales of cotton changed hands between Rs 7000-7400.
At the Karachi Cotton Exchange, dull trading was recorded on Wednesday, while spot rates increased Rs100/maund. The spot rates rose to Rs7,000/maund (37.324kg) and Rs7,502/40kg. Ex-Karachi rates also increased to Rs7,145/maund and Rs7,657/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
Karachi Cotton Market recorded three transactions of around 4,500 bales at a price of Rs7,000 to Rs7,400/maund. Of these, 3,700 bales of Sadiqabad were traded at Rs7,400/maund, 600 bales of Khanpur at Rs7,275 and 200 bales of Rajanpur were traded at Rs7,000/maund.
Cotton analyst, Naseem Usman said that small spinners were conspicuous by their absence because most of them have covered their long position. The rising trend on the world's leading cotton market played an important role in keeping prices steady in the local market, some experts said.
Cotton prices were almost firm in the international markets, as in India, Shankar-6 gained Rs 1000 to Rs 40800 per candy (356 kg), J-34 rose by Rs 200 to Rs 39700 and MECH-1 gained Rs 600.
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