KARACHI: Higher demand for lint has caused increase in cotton prices by Rs50 to 5050.
According to the dealers, over 7,000 bales of cotton changed hands between Rs4650 and Rs5250. They said that the prices of seed cotton in Sindh were at Rs1800 and Rs2350 and in Punjab rates were at Rs2000 and Rs2600.
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Improved off-take of cotton yarn in the local market has been the driving force behind surge in cotton demand. The spinning industry purchased larger stocks of cotton this season compared to previous year.
Major deals made on ready counter included: 400 bales Shahpur Chakar at Rs4,650, 400 bales Kandiyro at Rs4,650, 600 bales Hyderabad at Rs4,800, 1,000 bales Jahanian at Rs5,125, 800 bales Liaquatpur at Rs5,150, 400 bales Shah Jamal at Rs5,175, 1,300 bales Sadiqabad at Rs5,200, 800 bales Rahimyar Khan at Rs5,200, 1,000 bales Dera Ghazi Khan at Rs5,200, 600 bales Mianwali at Rs5,200 to Rs5,250.
