Steadier pattern was seen on cotton market on Monday as plants and spinners kept purchasing to cover their quick prerequisites, merchants said. The authority spot rate was unaltered at Rs 5150, merchants said. In the prepared session, around 7,000 bundles of cotton changed hands between Rs 4850 and Rs 5300, 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.
Draining load of build up cotton is not permitting the spinners to sit tight for decrease in the rates, so that the ginners sold build up cotton as costs were coordinating with their mental levels, cotton examiner, Naseem Usman said.
It is probably that costs go up further in spite of the entries of cotton in the Pakistan Cotton Ginners Association (PCGA) fortnightly report, due in the blink of an eye, he said.
Increment in the utilization is pushing factories to raise the generation in spite of burden shedding of power and gas, he included.
Source: Business Recorder