Strong buying by mills pushes cotton prices higher
Strong mills’ buying pushed the rates higher on the cotton market on Monday, dealers said. The official spot rates were higher by Rs 50 to Rs 8850, dealers said. In the ready session, about 18,000 bales of cotton changed hands between Rs 8750-9100, they said.
Rates of seed cotton per 40kg in Sindh were at Rs 3600-4200 and in the Punjab prices were at Rs 3700-4300, they said. In Balochistan, seed cotton prices were at Rs 4100-4600, they said. In Sindh, Binola prices per maund were at Rs 1550-1600 and in Punjab rates were at Rs 1550-1650, they said and adding that polyester fibre was at Rs 187.
Market source said that cotton prices gaining momentum, it appears that prices of lint cotton may go further up. Commenting on the market trend, cotton analyst, Naseem Usman said that short supply of fine cotton quality is causing rise in rates of cotton at nearly daily basis. Other brokers said that ginners under the circumstances were taking advantage as much as they can.
The following deals reported: 400 bales of cotton from Panu Aqil at Rs 9050, 4000 bales from Khairpur at Rs 8750/8900, 600 bales from Rohri at Rs 8750/8800, 400 bales from Ghotki at Rs 9075, 600 bales from Mirpur Mathelo at Rs 9050, 1000 bales from Saleh Pat at Rs 8800, 2000 bales from Rajanpur at Rs 9000 ,400 bales from Chichawatni at Rs 8500, 200 bales from Vehari at Rs 8500, 400 bales from Liaquatpur at Rs 8900, 400 bales from Khanewal at Rs 8950, 800 bales from Yazman Mandi at Rs 8900/8950, 200 bales from Haroonabad at Rs 8900/8950, 400 bales from Faqeerwali at Rs 8950, 400 bales from Mianwali at Rs 9000, 600 bales from Ahmedpur East at Rs 8950, 800 bales from Shadan Lund at Rs 8800/8850, 1400 bales from Alipur at Rs 8800/8850, 400 bales from Daranwala at Rs 8900/8950, 400 bales from Bahawal Nagar at Rs 8800/8950, 600 bales from Sadiqabad at Rs 9100 and 600 bales from Fort Abbas at Rs 9000, they said.