With some leading buyers indulged in fresh buying ahead of the Pakistan Cotton Ginners Association (PCGA) fortnightly report due shortly, trading activity on the cotton market witnessed improved on Wednesday, according to market sources.
In the ready business, about 4000 bales of cotton changed hands between Rs 4700 to Rs 5600, dealers said.
However, the official spot rate remained unchanged at Rs 5,350. While, in Sindh, prices of seed cotton remained between Rs 1600 and Rs 2800, in the Punjab, rates were at Rs 2000 and Rs 3000.
Cotton analyst, Naseem Usman said that China’s plan to cut cotton production in the near future and fresh decline in shares prices, caused rise in demand. He also said that phutti arrivals figure may depict fall, so that this is a factor which propelled spinners to make new deals.
The following deals were reported to have changed hands: 200 bales from Khipro at Rs 4700, same number from Chistian at Rs 5000, 400 bales from Dharanwala at Rs 5150, 200 bales from Fort Abbas at Rs 5300, 600 bales from Mianwali at Rs 5400-5500, same figure from Bahawalpur at Rs 5500, 700 bales from Gojra at Rs 5600, 400 bales from Lodhran at the same prices, 200 bales from Multan and 400 bales from Yazman Mandi all done at the same rate, dealers said.
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