August 10, 2017

Active buying by mills.

Active buying by mills was seen on the cotton market on Thursday in the process of trading activity, dealers said,

The official spot rate shed further Rs 50 to Rs 9000, 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, around 10,000 bales of cotton changed hands between Rs 9000 and Rs 9200, they said. According to the market sources, sporadic rains in Sindh propelled mills to make further forward buying to meet their urgent needs. Besides, Cotton analyst, Naseem Usman said that mills are busy in renewed buying owing to quality factor. Many buyers are feared of less quantity of cotton with poor quality after early rains in the country, he said.

 

Following deals reported: 2800 bales of cotton from Tando Adam at Rs 9000/9150, 1200 bales from Shahdadpur at Rs 9000/9100, 1800 bales from Sanghar at Rs 9000/9130, 800 bales from Hyderabad at Rs 9100, 600 bales from Kotri at Rs 9050/9100, 200 bales from Khadro at Rs 9100, 1400 bales from Burewala at Rs 9100/9200, 400 bales from Chichawatni at Rs 9150/9200, 400 bales from Samandri at Rs 9100 and 200 bales from Sahiwal at Rs 9100, they said.