KARACHI: High demand of commodity has caused increase in cotton prices in local market, however, the official spot rate was unchanged at Rs 5150.
In the ready session, nearly 8000 bales changed hand between Rs4700 and Rs5450. The dealers said that the prices of seed cotton in Sindh were at Rs1800 and Rs2400 and in Punjab rates were at Rs2000 and Rs2800, they said.
The rising tension in the Middle East owing to Yemen crisis has started jolting world markets, including cotton, as prices stared to move down. However, prices in domestic market moved higher owing to short supply of quality lint and dwindling stocks.
The following deals reported: 540 bales of cotton from Rohri sold at Rs 4700, 200 bales from Faqirwali at Rs 5050, 400 bales from Sahiwal at Rs 5150, 600 bales from Mianwali at Rs 5225-5300, 400 bales from Uch Shari at Rs 5275, 400 bales from Burewala, 2000 bales from Alipur, 200 bales from Sadiqabad, 1200 bales from Hasilpur, 600 bales from Rahim Yar Khan all at Rs 5300, 400 bales from Rahim Yar Khan(Conditional) at Rs 5450 and 800 bales from Dera Ghazi Khan at Rs 5300-5375, dealers said.
