No respite was witnessed in upward march on the cotton market on Monday in the process of hectic trading activity, dealers said. The official spot rate was higher by Rs 100 to Rs 9300, they added. In ready session, nearly 10,000 bales of cotton changed hands between Rs 9085-9500, they said.

Rates of seed cotton per 40kg in Sindh were higher at Rs 3600-4400 and in the Punjab prices were at Rs 3800-4600, they said. In Balochistan, seed cotton prices were at Rs 4200-4800, they said.

In Sindh, Binola prices per maund were at Rs 1400-1700 and in Punjab rates were at Rs 1550-1650, they said and adding that polyester fibre was at Rs 187.

According to the market sources, most of the leading buyers were on the sidelines as the ginners have started increasing the rates of cotton to gain profit as much as they can.

Cotton analyst, Naseem Usman said that rates of fine type hit season’s high at Rs 9500 but now it looks that price of lint to move cautiously in days to come.

Other experts said that different types of taxes such as five percent sales tax on purchase of cotton and 17 percent sale tax on exports have drained out industry’s working capital.

The following deals reported: 400 bales of cotton from Saleh Pat at Rs 9085, 2000 bales from Ghotki at Rs 9475-9500, 1000 bales from Dherki at Rs 9475-9500, 400 bales from Sadiqabad at Rs 9500, 400 bales from Rahim Yar Khan at Rs 9500, 600 bales from Liaquatpur at Rs 9300, 600 bales from Mianwali at Rs 9350, 600 bales from Fort Abbas at Rs 9250, 600 bales from Haroonabad at Rs 9200, 1000 bales from Shadan Lund at Rs 9200, 1000 bales from Tonsa Shreef at Rs 9200 and 1000 bales from Faqirwali at Rs 9100, they said.