The upward drift in the NY cotton futures helped the rates to go up in Pakistan cotton market, according to traders.Around 17,000 bales of cotton changed hands at Rs. 4,800 to Rs. 5,300. In Sindh, rates of seed cotton were firm at Rs. 2,000 and Rs. 2,050, in Punjab prices of low type gained Rs. 100 to Rs. 2,500 and Rs. 2,700. Cotton futures gave profit returns after the US Government increased its prediction for both US and global production in the 2014/15 crop year. The textile market of Pakistan is expected to see positive results as Australia has reduced tariffs on imports of Pakistani textile products recently.
