Cotton market witnessed fresh buying interest by spinners and mills on Tuesday as the ginners have only two million bales of unsold stock, dealers said. In the ready business, around 5000 bales of cotton changed hands between Rs 4200-5800.
However, the official spot rate was down by Rs 50 to Rs 5,600 while in the Punjab, prices showed no change at Rs 3100 and Rs 3400, dealers said.
According to cotton analyst, Naseem Usman, the ginners were not interested in selling on anticipation of higher rates in the near futures. It's a positive development that mills are showing their interest purchasing of cotton, other analysts said.
The Pakistan Readymade Garment Manufacturers and exporters Association (PRGMEA) said that export target of 35 billion dollars in the next three years cannot be achieved without reducing cost of production.
The following deals reported to have changed hand as per dealers: 700 bales of cotton from Hasilpur sold at Rs 5200-5800, 1000 bales from Layyah at Rs 5300-5650, 400 bales from Chistian at Rs 5500, 2500 bales from Alipur at Rs 5600-5650, 200 bales from Dera Ghazi Khan at Rs 5700 and 200 bales of cotton from Khanpur 5800.
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