Prices shot up on the cotton market on Wednesday as mills continued buying of quality lint to replenish their stock, dealers said. The official spot rate was up by Rs 150 to Rs 8800, they added. Prices of seed cotton in Sindh were at Rs 3800-4200, in the Punjab seed cotton prices were at Rs 3800-4300 and in Balochistan, rates of seed cotton were at Rs 3800-4500, they said. In the ready session, about 34,000 bales of cotton changed hands between Rs 8500-9000, they said.
According to the market sources prices managed to extend ground due to sustained buying by mills and spinners to replenish their stock. Furthermore, cotton analyst, Naseem Usman said that rising apprehensions about the availability of fine quality are not allowing mills to stay on the sideline in expectations of fall in rates. If dollar goes up further higher versus the rupee, this factor may push the rates of cotton up in the coming days. The rates of cotton futures in the US, Chinese and Indian markets were under pressure in the process of trading activity, they said.
The following deals reported: 1200 bales of cotton from Shahdadpur at Rs 8500, 800 bales from Tando Adam at Rs 8500, 2000 bales from Khairpur at Rs 8900, 3000 bales from Nawabshah at Rs 8600, 600 bales from Mirpur Mathelo at Rs 9000, 1600 bales from Rohri at Rs 8900-9000, 1200 bales from Dherki at Rs 8950-9000, 400 bales from Sarhad at Rs 9000, 1200 bales from Rajanpur at Rs 9000, 3600 bales from Rahim Yar Khan at Rs 8900, 800 bales from Sadiqabad at Rs 8800, 400 bales from Chani Goth at Rs 8900, 200 bales from Ghazi Ghat, 800 bales from Shujaabad, 400 bales from Kodhran, same figure from Ahmedpur East all done at the same rate, 3600 bales from Fort Abbas at Rs 8750-8900, 1200 bales from Layyah at Rs 8600-8850, 200 bales from Alipur at Rs 8800, 2400 bales from Fort Abbas at Rs 8675-8800, 600 bales from Shadan Lund at Rs 8800, 800 bales from Yazman Mandi at the same rate, 200 bales from Bahawalpur at Rs 8750, same figure from Mian Channu at Rs 8650, 3800 bales from Haroonabad at Rs 8500-8900, 200 bales from Mianwali at Rs 8625 and 400 bales from Faqeerwali at Rs 8600, they said.