August 10, 2018

Slow business seen on cotton market.

Official spot rate continued to decline on the cotton market on Wednesday in the process of slow business, dealers said.

 The official spot rate shed further Rs 50 to Rs 9050, they added. Prices of seed cotton in Sindh were unchanged at Rs 4100-4400, while in the Punjab, rates followed the same pattern, showing no change at Rs 3900 and Rs 4300, they said. In Balochistan, prices of seed cotton were almost unchanged at Rs 4200-4400, they said.

 

In ready session, over 5,000 bales of cotton finalised between Rs 9100-9200, they said. According to the market sources, mills and spinners were on the sideline as they had purchased enough cotton to meet their near-terms needs.

 

Sharing the same views, cotton analyst, Naseem Usman said that buyers were facing transport shortage ahead of Eid-ul-Azha. It's understood that every year transport owners charges high for carrying sacrificial animals reaching from here to there, he said. So, cotton buyers have completed their pre-Eid buying, to keep themselves away from these problems.

 

Following deals reported: 1600 bales of cotton from Tando Adam at Rs 9200, 1000 bales from Shahdadpur at Rs 9100-9200, 1200 bales from Sanghar at Rs 9150-9200, 600 bales from Hyderabad at Rs 9125-9150, 200 bales from Khadro at Rs 9150, 400 bales from Kotri at Rs 9150, 400 bales from Haroonabad at Rs 9175-9200 and 200 bales from Hasilpur at Rs 9200, they added.