December 08, 2018

Restricted buying on cotton market.

Restricted buying was seen on the cotton market on Friday in the process of trading activity, dealers said.

The official spot rate was unchanged at Rs 8,800, they added. Prices of seed cotton in Sindh improved slightly at Rs 3000-4000, in the Punjab seed cotton prices were at Rs 3300-4000 and in Balochistan, rates of seed cotton were at Rs 3600-4000, they said.

 

In the ready session, about 8,000 bales of cotton changed hands between Rs 7700-9100, they said.

 

Some brokers said that spinners showed no interest in fresh buying as they have huge stock of cotton yarn, most of the spinners were facing financial losses because cotton yarn is not in demand in both the international and local market, they said.

 

Cotton analyst, Naseem Usman said that cotton traders facing hard time due to lack of fresh leads.

 

Reports showing that prices drifted lower in the international markets.

 

The following deals reported: 800 bales of cotton from Tando Adam at Rs 7700/8200, 800 bales from Rohri at Rs 8700/8750, 1000 bales from Saleh Pat at Rs 8775, 600 bales from Ghotki at Rs 9100, 1000 bales from Rahim Yar Khan at Rs 9000, 600 bales from Khanewal at Rs 9000, 400 bales from Sadiqabad at Rs 9000, 400 bales from Fort Abbas at Rs 8500 and 1400 bales from Haroonabad at Rs 8400, they said.