KARACHI: Persistent demand helped the rates to sustain overnight levels on the cotton market on Wednesday in the process of trading, dealers said.
The official spot rate was unchanged at Rs 7500, they added. In both Sindh and Punjab, seed cotton prices were at Rs 2800-3100, they said. In the ready session, around 6000 bales of cotton changed hands between Rs 5900-7800, they said.
Market sources said that tight supply of quality cotton helped the prices to maintain overnight levels.
Cotton analyst, Naseem Usman said it is expected that the rates may keep present levels in the coming days. Low supply of irrigation water is a rising concern for the cotton traders, it is requested that the government should come ahead to solve the problem, other experts said.
Reports showing that country’s textile exports and clothing products touched a 7.7 percent growth during the last nine months of the fiscal year. The news is encouraging the cotton traders, they observed.
Reports showing that cotton prices were mixed in the international markets, they said.
The following deals were reported: 597 bales of cotton from Khadro done at Rs 5900, 1200 bales from Sadiqabad at Rs 7800, 400 bales from Rahim Yar Khan at Rs 7800, 400 bales from Khanpur at Rs 7200-7750, 400 bales from Shujabad at Rs 7600, 1000 bales from Liaquatpur at Rs 7725, 200 bales from Bago Bahar at Rs 7800, 1000 bales from Noorpur Noranga at Rs 7100, 800 bales from Rajanpur at Rs 6700 and 400 bales from Nouakot at Rs 7800, they said.