Falling cotton stocks made the Pakistan cotton market mind-numbing as ginners raised rates. The official spot rate was unchanged at Rs 5450. In the ready session, only 2,000 bales changed hands between Rs 4,350 to Rs 5,700. Seed cotton rates in Sindh were unchanged at Rs 2,000 to Rs 2,600 and in Punjab prices registered at Rs 2,400 to Rs 3,100.

Prices are expected to go up in the coming days as mills and spinners are trying to grab lint cotton despite soaring prices. If petroleum prices go up, it may result in a slight rise in cotton rates. Rains are not expected to play havoc in the Punjab cotton belt in times to come.

Prices are firm in international market due to strong demand. Local prices are also moving in a tight range because of this. July cotton contract on ICE Futures US was down 1.1 per cent.

On global front, ICE cotton extended losses , falling to a one-week low, after the US government projected year-end inventories for the 2015-16 crop year would be the second highest on record in its first supply and demand forecast for the upcoming crop year.