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Prices almost held the overnight levels on the cotton market on Friday in the process of active buying by mills and exporters, dealers said. The official spot rate maintained last level at Rs 5,100, they added. In the ready session, around, 20,000 bales of cotton changed hands between Rs 5150 and Rs 5275, they said. In Sindh, rates were at Rs 2100 and Rs 2500, in Punjab prices were unchanged at Rs 2300 and Rs 2600, they said.

Cotton futures rallied on Friday to a weekly gain fuelled by low inventories in the cash market, with buy-stops fuelling gains. The benchmark December cotton contract on ICE Futures US rose 0.77 cent, or 1.2 percent, at 63.81 cents a lb.
The following were the fluctuations observed during the day:

Prices showed slight fall on the cotton market on Thursday on comfortable supply of phutti, dealers said. The official spot rate maintained last level at Rs 5,100, they added. In the ready session, around, 22,000 bales of cotton changed hands between Rs 5100 and Rs 5275, they said. In Sindh, rates were at Rs 2100 and Rs 2500, in Punjab prices were inert at Rs 2300 and Rs 2500, they said.
Cotton futures gained on Thursday after a weekly US government report showed a jump in export sales booked last week that slightly beat expectations. The benchmark December cotton contract on ICE Futures US edged up 0.36 cent, or 0.6 percent, to settle at 63.04 cents a lb. Foreign buyers' appetite for US cotton picked up in the week ended October 16, a weekly US Agriculture Department (USDA) report showed.
Due to global pressure of high production of cotton as in China, India and the United States, domestic market in Pakistan for the time being is hardly stable. The local money market is tight. Low lifting by the mills and the exporters are providing some pressure. At the approaching end of this month, Muharram activities will begin and then some holidays will keep the market closed for a few days at the beginning of November 2014.
The fluctuations observed during the day:


 



 
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Annual2013/14
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