August 11, 2018

Trade activity down on cotton market.

Trade activity slowed down on the cotton market on Friday as mills showed little interest in fresh buying, dealers said.

The official spot rate was unchanged 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 5,000 bales of cotton finalised between Rs 9000-9200, they said.


According to the market sources, mills and spinners kept on the sidelines due to quality factor. Cotton analyst, Naseem Usman said that buyers were facing transport shortage ahead of Eid-ul-Azha, besides they refrained from fresh buying as they were hoping for decline in rates after Eid holidays.


In the meantime, it is most likely that prices may not come down because recent rains in Sindh and Punjab damaged quality of cotton slightly, this factor may push rates up, he added. Following deals reported: 1400 bales of cotton from Tando Adam at Rs 9000-9100, 800 bales from Shahdadpur done at the same levels, 600 bales from Sanghar at Rs 9000, 400 bales from Hyderabad at Rs 9000, 200 bales from Khadro at Rs 9100, 400 bales from Kotri at Rs 9150, 400 bales from Sinjhoro at Rs 9000, 400 bales from Burewala at Rs 9100-9200, 200 bales from Chichawatni at Rs 9150 and 200 bales from Vehari at Rs 9200, they added.