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Prices were higher on the cotton market on Wednesday as exporters managed to make new deals due to attractive rates of dollar, dealers said. The official spot rate was up by Rs 50 to Rs 5400, they added. In ready session, around 12,000 bales of cotton changed hands between Rs 5350-5500, they said. Prices of seed cotton in Sindh were higher at Rs 2500 and Rs 2600 and in Punjab prices were unchanged at Rs 2600 and Rs 2650, they said.

Cotton futures catapulted to their biggest one-day gain in five months on Wednesday, as chart signals triggered waves of short covering. The benchmark December cotton contract on ICE Futures US jumped to 66.20 cents, the highest level since late July, before closing up 1.65 cents, or 2.6 percent, at 65.81 cents a lb.
The fluctuations observed during the day:

Rates dropped modestly due to easy supply of phutti on the cotton market on Tuesday, dealers said. The official spot rate was down by Rs 50 to Rs 5350, they added. In ready session, around 22,000 bales of cotton changed hands between Rs 5350-5525, they said. Prices of seed cotton in Sindh were at Rs 2525 and Rs 2550 and in Punjab prices were unchanged at Rs 2600 and Rs 2625, they said.
New York cotton futures edged higher on Tuesday as renewed concerns about dry weather in Texas, the top-producing US state, offset speculator selling on expectations of excess supplies. The benchmark December cotton contract on ICE Futures US closed up 0.32 cent, or 0.5 percent, at 64.16 cents a lb, ending the day higher for the first time in four sessions.
Punjab Agriculture Department (PAD) has advised the cotton growers to take timely actions for saving their crop from damages caused by rain. In an advisory issued here on Tuesday, a PAD spokesman said that cotton crop was at a very important juncture right now so full take care of the crop was very essential to save it from damages caused by rain water.
The fluctuations observed during the day:


 



 
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