Related Keywords: cotton belt, Hovering fears of further rise in rates, make forward buying, official spot rate went up, Pakistan cotton market, propelling mills and spinners, Punjab phutti prices gained, sharp rise in rates, short supply, Sindh seed cotton prices higher, sporadic rains
Sharp rise in rates seen on the cotton market on Tuesday, due to short supply and sporadic rains in some parts of cotton belt. In Sindh seed cotton prices were higher by Rs 50 to Rs 3250 and Rs 3400 and in Punjab, phutti prices gained Rs 100 to Rs 3250 and Rs 3400 per 40 kg, respectively, dealers said.
The official spot rate also went up by Rs 150 to Rs 6,600.
According to cotton analyst, Naseem Usman, mills and spinners have no choice just to buy cotton even at higher prices. Hovering fears of further rise in the rates is propelling mills to make forward buying.
