Costs went up pointedly on the cotton market on Tuesday during the time spent tight supply, merchants said. The authority spot rate was unaltered at Rs 5150, merchants said. In the prepared session, almost 8000 bunches changed hand between Rs 4700 and 5450, they said. The costs of seed cotton in Sindh were at Rs 1800 and Rs 2400 and in Punjab rates were at Rs 2000 and Rs 2800, they said.
Market sources said that costs shot up on managed factories and spinners request against the short supply. Cotton expert, Naseem Usman said that costs may go further higher on solid interest in the midst of short supply of build up cotton.
Reuters includes; The NY cotton prospects were higher.
Source: Business Recorder