RECORDER REPORT

KARACHI: Cotton prices maintained upward trend on the local market on Friday in the process of trading activity, dealers said.

The official spot rate was higher by Rs 300 to Rs 9400, they added. Prices of seed cotton in Sindh were higher at Rs 4100-4600 and in the Punjab, rates followed the same trend at Rs 3800-4800, they said.

In ready session, over 4000 bales of cotton finalised within the range of Rs 9300-9600, they said.

According to the market sources, dollar’s surge is propelling mills and spinners to make forward deals despite high rates.

Cotton analyst, Naseem Usman said that the flow of phutti arrivals may improve next month, so there is a possibility that rates likely to come down. But, presently, it is crisis like situation in the market and how far it will persist, no body is able to predict about it, other brokers said.

They also said that rains in Punjab are continued, which are beneficial for the crop, but growers should take urgent measures to save crop from damages.

Some marketmen said that balanced plant population, attack of insects/pests below threshold level, balanced use of fertilizers and weeds control play a major role in cotton yield.

Other international markets, as a whole, prices moved both ways, they said.

Following deals reported: 800 bales from Tando Adam done at Rs 9300-9500, 200 bales from Noabad at Rs 9450-9500, 1000 bales from Sanghar done at Rs 9500, 400 bales form Burewala at Rs 9500-9600, same figure from Vehari at Rs 9550-9600, 200 bales from Samandri at Rs 9500 and 200 bales from Moongi Bangla finalised at the same rate, they added.