Easier trend on cotton market in slow business
Local prices tracked the New York cotton futures trend, depicting downward on the cotton market on Monday in the process sluggish trading, dealers said. The official spot rate was unchanged at Rs 6,900, they said. Rates of seed cotton in Sindh were inert at Rs 2,400-3,100 and in the Punjab prices were inert at 2,300-3,340, they said. In the ready business, around 10,000 bales of cotton changed hands between Rs 5,100 and Rs 7,200, they said.
Copyright Business Recorder, 2013
Some analysts were of the view that most of the deals of low varieties were finalised as the ginners were interested in selling the inferior type, but after the fall in the NY cotton futures, they adopted slight flexibility in their attitude but it may prove short-lived in the days to come. Cotton Analyst Naseem Usman said the fact was that the ginners had very small quantity of unsold stock of fine type, so they were not in a hast to sell them, instead they wanted to sell low quality of cotton.
The following deals were reported: 400 bales of cotton from Mian Chunnu (low condition) at Rs 5,100, 700 bales from Hasil Pur at Rs 6,375, 100 bales from Yazman Mandi at Rs 6,700, same figure from Rajan Pur at the same rate, 400 bales from Layyah at Rs 6,800, 800 bales from Mian Wali at Rs 6,800-6,950 and 1,000 bales from Rahim Yar Khan (conditional) at Rs 7,200, they said.