Pakistan cotton prices moves up

Pakistan cotton prices moves 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.
he 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.