In the process of tight supply position, prices inclined higher marginally at cotton market on Friday, dealers said. According to the market sources, some spinners indulged in panic buying due to short supply position. A kind of forward buying was also witnessed by mills.
The official spot rate remained unchanged at Rs 6,650, dealers said.
In Sindh, seed cotton prices were at Rs 3400-3550 and in Punjab rates of Phutti, were at Rs 3100-3450, per 40 kg. While, in ready business, around 12,000 bales of cotton changed hands between Rs 6725 and Rs 6900, dealers said.
Cotton analyst, Naseem Usman said that mills importing cotton from the US and other countries because of cheap prices as compare to the local rates. Seed cotton supply is slow due to shortage of transport throughout the country ahead of Eid-ul-Azha. Furthermore, he said that currently, Phutti arrivals are not as usual due to Hindu festival in Sindh. All factors causing a modest rise in the price.
The following deals were reported to have changed hands as per dealers: 400 bales from Sakrand at Rs 6725, 200 bales from Tharo Shah at Rs 6750, 600 bales from Nawabshah at Rs 6750/6800, 1000 bales from Mirpurkhas at Rs 6775/6800, 2000 bales from Sanghar at Rs 6775/6800, 600 bales from Kotri at Rs 6775/6800, 2400 bales from Shahdadpur at Rs 6750/6825, 2000 bales from Tando Adam at Rs 6800/6825, 200 bales from Chowdagi at Rs 6800, 400 bales from Maqsoodo at Rs 6800, 1200 bales from Hyderabad at Rs 6800-6850, 200 bales from Tando M Khan at Rs 6800, 200 bales from Samundri at Rs 6900 and 800 bales from Khanewal at Rs 6950.
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