Trading activity at cotton market on Wednesday witnessed further improvement with spinners doing some urgent buying of quality lint to meet requirements, dealers said. Besides, rise in oil prices resulted in higher polyester yarn prices by Rs 2 per kg, this is a positive factor which is causing rise in buying of cotton.
The official spot rate unchanged at Rs 5,200 while the Punjab prices were at Rs 2400 and Rs 3000. In the ready business, over 6,000 bales of cotton changed hands between Rs 5000 and Rs 5550, dealers said.
According to cotton analyst, Naseem Usman, prices may not come down due to short supply position. In India cotton prices are stable due to strong demand.
The following deals changed hands as per dealers : 600 bales of cotton from Ranipur at Rs 5000, 200 bales from Mehrabpur at Rs 5000, 100 bales from Rahim Yar Khan at Rs 5000, 1600 bales from Khanpur at Rs 5500, 3000 bales from Sadiqabad at Rs 5375-5550 and 400 bales from Faqirwali at Rs 5300.
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