Prices moved higher on the cotton market as mills lay hands on fine quality amid rising concerns about imports of cotton in the near future. The official spot rate was unchanged at Rs 8,600. In the ready session, about 2000 bales of cotton changed hands between Rs 7000 and Rs 9000.
Prices of seed cotton in Sindh and Baluchistan were at Rs 3000-3500 and in Punjab seed cotton prices at Rs 3000-3600. Commenting on the latest developments in the market, dealers said that some mills showed interest in fresh buying of cotton to replenish their stock. They said that locally falling area of cultivation, use of poor quality cotton seed and pesticides caused decline in quantity and quality of cotton. So the government has to take necessary measures to keep a balance between demand and supply.
Cotton analyst, Mr Naseem Usman said that cotton market is under pressure slightly due to prevailing negative developments the world over. According to rumors, India may impose duty on Pak imports and exports raised concerns on Pak spinners as Pak spinners were depending on cotton imports from India.
