Trading activity at Pakistan cotton market showed improvement on Tuesday fearing rise of short supply, according to dealers. In Sindh, seed cotton prices were at Rs 2200 and Rs 2800 and in the Punjab, rates were at Rs 2300 and Rs 3000. The official spot rate was down by Rs 50 to Rs 5,300.
In the ready business, deals of over 14,000 bales of cotton finalised between Rs 5125 and Rs 5600. Dealers said.
According to cotton analyst, Naseem Usman, there is no fundamental change to observe just mills and spinners were making deals to keep themselves away from future losses.
Rising uncertainties on both the political and economic fronts is not helping the buyers to do business with a peace of mind.
Trading activity picked up partly because of an appreciation in the dollar's rate. According to reports, agriculture experts have advised farmers to destroy remains of cotton crop from their fields after last picking to eliminate pests that survive on cotton remains and damage the next crop.
The following deals reported by the dealer to have changed hands: 400 bales of cotton from Kazi Ahmed at Rs 5125-5160, 200 bales from Nawab Shah at Rs 5250, 200 bales from Gambat at Rs 5300, 600 bales from Mehrabpur at Rs 5350, 1600 bales from Rohri at Rs 5450-5500, 600 bales from Faqirwali at Rs 5300, 400 bales from Haroonabad at Rs 5300, 500 bales from Hasilpur at Rs 5375-5450, 400 bales from Jalalpur at Rs 5500, 1000 bales from Mianwali at Rs 5500, 600 bales from Liaqatpur at Rs 5500, 2400 bales from Sadiqabad at Rs 5550-5600, 2800 bales from Rahim Yar Khan at Rs 5550-5600 and 2000 bales from Khanpur at Rs 5550-5600.
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