Cotton Market: Spot Rate Hits Season’s High

Cotton Market: Spot Rate Hits Season’s High
Prices in ready business and official spot rate hit season’s high on the cotton market on Monday in a hectic trading activity, dealers said.
The official spot rate picked up further by Rs 150 to Rs 6400, dealers said. In Sindh seed cotton prices posted fresh gain of Rs 100-Rs150 to Rs 3400 and Rs 3500 per 40 kg, respectively, In Punjab, rates of phutti also went up at Rs 3400 and Rs 3600, they said.
In ready business, more or less 10,000 bales of cotton changed hands between Rs 6500 and Rs 7000, they said.
Cotton analyst, Naseem Usman said that rising demand from four fronts hit the rate seasonal high at Rs 7000. Shortage of cotton crop in the producing countries, in fact, causing surge in prices, he observed. He also said that world’s largest cotton trader LD, who was on the sidelines last days, now indulged in forward buying, this factor is also pushing the rates up, other observers said.
The following deals were reported: 200 bales of cotton from Kazi Ahmed done at Rs 6500, 3000 bales from Sanghar at Rs 6600/6700, 1600 bales from Shahdadpur at Rs 6650/6700, 2000 bales from Mirpurkhas at Rs 6650/6700, 2000 bales from Tando Adam at Rs 6650/6750, 400 bales from Burewala at Rs 6900/7000, 600 bales from Khanewal at Rs 7000 and 200 bales from Alipur at Rs 7000, dealers said.