Continual purchasing of good variety of cotton by mills and spinners pushed the charges upon the cotton marketplace on Monday in the procedure of trading activity, suppliers said. The official spot amount gained Rs 100 to Rs 8900, they added. In the start session, a contract of 14,000 bales of cotton decided at Rs 8800-9000, they said. Rates of seed cotton in Sindh were at Rs 3000-3600 and in Punjab, seed cotton rates were at Rs 3000-3700, they said.
Regarding the market sources, the ginners have limited stock of unsold cotton, hence they have no option just to increase asking rates to gain income as much as they can.
The cotton rates in the local marketplaces are on rising march due to the short supply situation, they added. Mr Naseem Usman is a cotton analyst who said that the state could not get desired cotton production in spite of s-called several efforts. In order to get rid of imported cotton to keep a balance in between demand and supply. The government would have to take essential measures so that it would be capable to attain the target of cotton production, he added.
The following agreements reported: certain 800 bales of cotton from Ghotki at Rs 9000, 2500 bales from Dherki at Rs 8900, 8600 bales fro1600 bales from Kanpur at Rs 8800/8900, they said and Rahim Yar Khan at Rs 8900/9000, 400 bales from Alipur at Rs 9000.
