Related Keywords: cheap prices as compare to local rates, Cotton market, forward buying witnessed by mills, mills importing cotton from the US and other countries, phutti arrival, prices inclined higher marginally, ready business, seed cotton prices, Seed cotton supply, slow due to shortage of transport, spinners indulged in panic buying, tight supply position
In the process of tight supply position, prices inclined higher marginally at cotton market on Friday, dealers said. According to the market sources, some spinners indulged in panic buying due to short supply position. A kind of forward buying was also witnessed by mills.
The official spot rate remained unchanged at Rs 6,650, dealers said.
In Sindh, seed cotton prices were at Rs 3400-3550 and in Punjab rates of Phutti, were at Rs 3100-3450, per 40 kg. While, in ready business, around 12,000 bales of cotton changed hands between Rs 6725 and Rs 6900, dealers said.
