RECORDER REPORT | 12 April 2019
KARACHI: Sustained increase in prices, forced mills to make new deals on the cotton market on Thursday, dealers said.
The official spot rate was unchanged at Rs 8,800, they added. In ready session, over 8,000 bales of cotton finalized between Rs 8000-9100, they said. Prices of seed cotton in Sindh were at Rs 3000-3500 and in Punjab seed cotton prices were at Rs 3000-3600, they said.
Some brokers said that persistent rise in essentials, propelled mills to make forward buying of cotton. Commenting on the present trend in the market, cotton analyst, Naseem Usman said that cotton yarn is in demand these days and it looks that despite short supply of fine variety, buyers are keen to finalise deal at the present levels.
Reuters adds: ICE cotton futures settled lower on Wednesday as investors booked profits, while developments in trade negotiations between the United States and China remained in focus.
(Source: Business Recorder)