Pakistan cotton market with surging demand by mills and spinners on Wednesday witnessed prices of fine quality moving up. The official spot rate was also up by Rs 50 to Rs 4,600, dealers said. Seed cotton prices in Sindh were at Rs 2400 and Rs 2450 and in Punjab rates were at Rs 2300 and Rs 2450.
In the ready business, around 20,000 bales of cotton changed hands between Rs 4650 and Rs 4750.
According to market viewers, mills and spinners indulged in fresh buying of cotton to cover their short-term needs.
Cotton analyst, Naseem Usman said that some mills were making fresh deals just to keep themselves away from any rise in the rates due to short supply.
According to dealers, following deals were reported to have changed hands: 2000 bales from Shahdadpur at Rs 4650, 2000 bales from Mirpurkhas at Rs 4650, 1600 bales from Hyderabad at Rs 4650, 1600 bales from Sanghar at Rs 4650, 1000 bales from Kotri at Rs 4650, 400 bales from Hala at Rs 4650, 200 bales from Matiari at Rs 4650, 400 bales from Nawabshah at Rs 4650, 200 bales from Daur at Rs 4650, 200 bales from Punj Moro at Rs 4650, 200 bales from Moro at Rs 4650, 2000 bales from Tando Adam at Rs 4650/4675, 400 bales from Chistian at Rs 4650/4700, 1000 bales from Burewala at Rs 4675/4700, 400 bales from Gaggo Mandi at Rs 4700, 200 bales from Harppa at Rs 4700, 800 bales from Haroonabad at Rs 4700, 400 bales from Faqirwali at Rs 4700, 400 bales from Mian Chano at Rs 4700, 600 bales from Alipur at Rs 4700, 400 bales from Bahawalpur at Rs 4700, 600 bales from Bakhar at Rs 4700, 400 bales from Hasilpur at Rs 4700/4725, 400 bales from Kabirwala at Rs 4750, 800 bales from Chichawatni at Rs 4750, 800 bales frpm Khanewal at Rs 4750, 400 bales from Fazilpur at Rs 4750, 400 bales from Gojra at Rs 4750 and 600 bales from Dera Ghazi Khan at Rs 4750.
On the global front, ICE cotton rose to its highest level in two weeks on Tuesday, buoyed by strength in global equities and other commodity markets. Total futures market volume rose by 9,120 to 16,627 lots.
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