Pakistan cotton prices move up

Pakistan cotton prices move up

KARACHI: On the back of higher demands Pakistan cotton prices witnessed modest gained on Wednesday as mills indulged in active trading.

The Karachi Cotton Association (KCA) official spot rates moved up by Rs 100 to Rs 6,400 on Wednesday, dealers said.

The increase in cotton prices provided support to the growers and ginners to get better prices for their crops.

The rates of seed cotton in Sindh stayed constant Rs 2,300 and Rs 2,800, while in Punjab cotton rates were Rs 2,000 and Rs 3,000, dealers said.

In ready business, around 14,000 bales of raw cotton were traded between Rs 5,700 and Rs 6,650 per maund during the session.

Grower's strategy not to sell cotton at current prices allowed prices to move upwards as mills participated in active trading. The Pakistan cotton market is getting positive momentum amid rising demand by the exporters.

In International market, New York cotton rates fell by 0.62 cents per lb and were traded at 99.53 cents per lb on Wednesday as compared to 100.15 cents per lb reported on Tuesday. Cotlook A index gained by 0.30 cents per pound, closed at 112.05 cents per pound on Wednesday after opening at 111.75 cents per pound.

Following deals were observed throughout the day: Around 1,200 bales of cotton were traded from Mir Pur Khas at Rs 5,700 and Rs 6,000, 400 bales from Nawab Shah at Rs 5,800 and Rs 6,000, 200 bales each from Tando Adam and Kazi Ahmed at Rs 6,000, 400 bales from Sakrand Rs 6,000, 200 bales from Khipro at Rs 6,300, 600 bales from Saleh Pat at Rs 6,500 and Rs 6,600, 200 bales each from Dehrki and Nmehrab Pur at Rs 6,500, 400 bales from Rasoolabad at Rs 6,500, 400 bales from Rohri at Rs 6,500 and Rs 6,600, 600 bales from Chichawatni at Rs 6,300 and Rs 6,500, 400 bales from Hasil Pur at Rs 6,300, 1,000 bales from Hasil Pur at Rs 6,300 and Rs 6,400, 400 bales from Vehari at Rs 6,300 and Rs 6,350, 200 bales each from Mongi Bangla and Fort Abbas at Rs 6,350, 200 bales each from Dera Ghazi Khan and Bahawal Nagar at Rs 6,400, 400 bales from Multan at Rs 6,300 and Rs 6,600, 200 bales from Yazman mandi at Rs 6,450, 400 bales from Bahawal Pur at Rs 6,450, 200 bales each from Bhakkar and Muridwala at Rs 6,500, 400 bales each from Maian Chanon and Shah Jeevna at Rs 6,500, 200 bales from Uch Sharif at Rs 6,525, 600 bales each from Kabir Wala and Burewala at Rs 6,600 and Rs 6,650, 400 bales each from Rajan Pur and Rahim Yar Khan at Rs 6,600 and 1,000 bales from Khanewal at Rs 6,600.