MULTAN: Excitement in the cotton market was witnessed on Saturday after two deals of new crop from Sindh’s Chohar Jamali and Gharo areas took place at Rs3,350 to Rs3,650. The development is being termed as encouraging by both ginners and farmers.

Experts said a sizable increase in prices is expected when cotton picking begins in some districts of Sindh in June.

The New York Cotton Market closed at with an increasing trend for future deals — 89.21 with an increase of 1.75 cent for July, at 86.52 with 1.22 cent increase for October, and 86.65 with 1.10 cent plus for December deals.

Experts said that there are chances that prices at the future market could further increase in coming days.

The New York Cotton Market will remain closed on Monday in connection with the Memorial Day which is observed on the last Monday of every year in the United States.

Meanwhile, the Karachi Cotton Association kept its spot rate unchanged at Rs7,500.

The following deals were reported to have changed hands on ready counter: 2,600 and 200 bales, Rahim Yar Khan, at Rs7,200 and Rs7,550 respectively; 200 bales, Lodhran, at Rs6,500; and 200 bales, Jalalpur Pirwala, at Rs6,800.

Published in Dawn, May 27th, 2018