RECORDER REPORT

KARACHI: Not a single deal reported on the cotton market on Wednesday, dealers said.

The official spot rate was unmoved at Rs 7500, they added. In both Sindh and Punjab, seed cotton prices were at Rs 2800-3100, they said.

According to the market sources leading mills and spinners were on the sidelines as the ginners have started raising asking prices of cotton. Other analysts said that strong demand likely to push the rates higher in the coming days.

In Lower Sindh, growers were repeating cotton sowing due to heat weather and shortage of water, they said.

Cotton analyst, Naseem Usman said that rising tension between the US-China also a factor, keeping buyers and sellers under pressure.

In the international markets cotton prices mixed during the session, they said.