RECORDER REPORT | Sep 12, 2018
KARACHI: Cotton prices improved further on the local market on Tuesday in the process of trading activity, dealers said. The official spot rate was higher by Rs 50 to Rs 8300, they added. Prices of seed cotton in Sindh gained Rs 100 to Rs 3800-4000, in the Punjab rates followed the same pattern showing steep increase at Rs 3700-3900, and in Balochistan, prices of seed cotton were at Rs 3800-4000, they said. In ready session, around 20,000 bales of cotton finalised between Rs 8300-8500, they said.
Cotton analyst, Naseem Usman said that as a whole prices were firm due to persisting demand for the quality cotton, easy supply of seed cotton, helped improved availability of fine cotton. But, one thing is confusing as the International Cotton Advisory Committee (ICAC) said that cotton production may be short by 3 percent, but on the other hand, consumption is likely to increase this year, he said.
Other brokers observed that these emerging factors may cause jump in the cotton prices in the local market. Cotton prices were mixed in the international market, they said. (Source: Business Recorder)