Prices moved up slightly on the cotton market on Saturday on sustained buying by spinners and mills, dealers said. The official spot rate stayed put at Rs 6100, they said. In the ready session, nearly 23,000 bales of cotton changed hand between Rs 6000-6325, they said. In Sindh, seed cotton prices were at Rs 2600-2800 and in Punjab rates were at Rs 2600-2900 as per 40 kg, they said.
Market sources said that prices were stable as the ginners were not willing to make any deal at the present levels in expectations of more rise in days to come. Sustained buying by mills and spinners pushing rates up and it looks that prices may go up further in the coming days, cotton analyst, Naseem Usman said. In fact, sellers were on the sidelines on lack of buying interest, he observed.Read More
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