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Friday, March 29, 2024

Cotton rates increase as of strong demand

Rates in cotton market went up this week as mills indulged in forward buying of fine quality to meet their needs. Mills are laying hands over the fine quality cotton, which pushed rates up modestly.

According to dealers the official spot rate rose by Rs50 to Rs7800. In ready session, about 11000 bales of cotton changed hands between Rs7550 and Rs8250. Rates of seed cotton per 40kg in Sindh were unchanged at Rs3000-3300 in Punjab prices picked up sharply at Rs3500-4000. In Baluchistan, seed cotton prices were at Rs3500-3600.

In Sindh and Punjab, Binola prices per maund were at Rs1500-1600 and polyester fiber per kg rates were at Rs187.

Mr Naseem Usman, Cotton Analyst, under the circumstance, buyers were facing a lot of uncertainties following the reports of short supply of cotton in the coming days. If India leaves extra water towards Pak borders, it can harmful for standing cotton crop in Sutlaz, Sahiwal, Multan and Bahawalpur.

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