Related Keywords: cotton bales changed hands, dearth of commodity against strong demand, ginning factories in Sindh closed, official spot rate picked up further, owing to short supply, Pakistan cotton market, prices hit new high, prices likely to rise in coming days, ready busines, seed cotton prices posted fresh gain
At Pakistan cotton market owing to short supply, prices hit new high on Saturday. In both Sindh and Punjab, seed cotton prices posted fresh gain of Rs 200 to Rs 3300 and 3350 per 40 kg, respectively. While, the official spot rate picked up further Rs 150 to Rs 6250, dealers said.
In ready business, more or less 3,000 bales of cotton changed hands between Rs 6450 and Rs 6700, dealers said.
According to cotton analyst, Naseem Usman, due to short position, the prices likely to touch Rs 7000 in the coming days. The prices showed a rise of Rs 700 on short supply position.
