Cotton market: steady trend amid insipid business
Steadier trend persisted on the cotton market on Saturday in process of the insipid trading, dealers said. The official spot rate was unchanged at Rs 6,900, they added. In the ready session, over 2000 bales of cotton finalised at Rs 5000 and Rs 6850, dealers said. Cotton analyst Naseem Usman said that needy mills did cautious buying of cotton during the exchange of views about the size and quality of next production.
Copyright Business Recorder, 2014
The ginners have nearly one lakh bales of cotton but most of them are not up to the expectations of buyers, so, decided to lay hands over the fine quality to meet their requirements, he added. Some other brokers were of the view that new crop may be started reaching by the end of June or in first week of July.
Reuters adds: US cotton futures rose for a second straight day on Friday despite weaker export numbers, and some traders said they expected prices to fall in coming sessions as wetter weather aids crop growth. The most-active cotton contract on ICE Futures US, July, edged up 0.12 cent to settle at 86.27 cents a lb. The following deals reported: 400 bales of cotton from Tando Jam Mohammad sold at Rs 5000, 355 bales from Shahdadpur at Rs 5450, 400 bales from Sanghar at Rs 5950, same figure from Umar Kot at Rs 6775 (credit) equal number from Sadiqabad at Rs 6800 and 100 bales from Shujabad at Rs 6850, dealers said.