On Wednesday the price of cotton moved up in terms of modest trading activities, as per said by the dealers. Â The official spot rate was higher by Rs 50 at Rs 6300, dealers said. The cotton seed price in Sindh were Rs 2600-3250, they said that in Punjab, the phutti rates were at Rs 2800 and Rs 3500, as per 40 kg, as said by the sources.
Around 5,000 bales of cotton changed hands between Rs 5525-6600, said by the sources. The Cotton analyst, Naseem Usman said that there is nothing new is the market trends besides the steady rising international market that directly influenced the rates of cotton in the domestic market.
In addition, the leading exporters of textile products are busy in preparations of Heimtextil. The fair is one of the major trade exhibitions of products from textile industry. On the other hand, the spinners are found to be taking interest in importing cotton from India. The reason for this interest is the high production of cotton that indicates that has to import more or less four million bales to fulfill requirements, they said.
ICE cotton futures surged more than 1.5 percent on this Tuesday, the biggest one-day percentage gain since mid-November. The March cotton contract on ICE Futures US jumped 1.6 percent, the sharpest one-day jump since November 16. The following deals reported: 500 bales from Sanghar at Rs 5525, 400 bales from Mirpur Mathalo at Rs 6550, 1000 bales from Dharki at the same rate, 1400 bales from Ghotki at Rs 6550-6600, 200 bales from Burewala at Rs 6100, 600 bales from Haroonabad at Rs 6450, 500 bales from Basti Malook at Rs 6550 and 400 bales from Rahim Yar Khan at Rs 6600, as said by the dealers.
