Dull trading was witnessed at the Pakistan cotton market on Monday as most of the ginners again raised asking prices as they have very little stock of lint cotton. The official spot rate remained unchanged at Rs 5300.
Market sources said that trading activity came down in the absence of mills’ buying interest as the ginners kept on the sidelines because of shortage of lint cotton. Nearly 1,000 bales of cotton sold at Rs 5650.
The prices of seed cotton in Sindh were at Rs 1900 and Rs 2500 and in Punjab rates were at Rs 2200 and Rs 3000, dealers reported.
According to cotton analyst, Naseem Usman, prices are firm in the international market due to strong demand, local prices also moving in a tight range due to said reason.
Commenting on the fresh rains in Punjab side, he said it is before time to say how much it will affect the next cotton production but it appears that rains will not play havoc in the cotton belt in times to come.
There can be slight rise in the cotton rates if petroleum prices go up in coming days.
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