“Rates were firm on the cotton market on Friday in the process of restricted buying by mills and spinners” as stated by the dealers,
Further, it was added that “The official spot rate was unchanged at Rs 6300.” In Sindh, seed cotton prices were static at Rs 2800-3350, and In Punjab, phutti rates held the overnight levels at Rs 2800 and Rs 3550, as per 40 kg, they said. It was also said that in the ready session, around 10,000 bales of cotton changed hands between Rs 6100-6700.
According to the Cotton analyst, Naseem Usman, the rates of cotton were up amid tight supply of best quality. Provincial Agriculture Minister of Punjab, Dr. Farrukh Javed added to the discussion that to achieve better production, the cotton growers should refrain from an early sowing, the farmers would have to wait until April 15 for new sowing.
According to private sector estimate, the country may achieve an insufficient amount of cotton for about 10.54 million bales of cotton. This amount does not meet the total consumption needs of the area. They also observed that the trading activity revived due to Heimtextil fair, the biggest trade exhibition of textile products. The fair is to be held at the Frankfurt, Germany from January 10 to 13, they said.
