Spot rate went up, besides, ginners struggled hard to raise asking prices after the approval of Generalized System of Preference (GSP) plus status for Pakistan by the European Parliament (EU), cotton market dealer said to research analyst-PAGE on Friday. The official spot rate was higher by Rs 50 to Rs 6,500 , dealer added. Prices of seed cotton in Sindh per 40 kg gained further Rs 50 to Rs 2400-3200, in Punjab rate of low type was sharply higher by Rs 150 to Rs 2900 while the best variety was inert at Rs 3350 , dealer added. In the ready session, as a result of increase in asking prices by ginners and cautious buying by mills, trading activity came down as over 12,000 bales of cotton changed hands between at Rs 6400-6750. In the wake of approval of GSP by the EU to Pakistan , traders cheered but after this achievement, they were fearful as gas load-shedding is a hard task by the government to the cotton business.
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