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Mills and spinners continued buying on expectations of increase in prices in times to come, dealers said on the cotton market on Friday. The official spot rate was unchanged at Rs 5,150, they added. In the ready session, around 30,000 bales of cotton changed hands between Rs 4600 and Rs 5300, they said. In Sindh, rates of seed cotton were firm at Rs 2000 and Rs 2500, in Punjab prices were unchanged at Rs 2400 and Rs 2650, they said.

Cotton futures edged lower on Friday as pressure from start of rolling of closely-watched commodities index fund offset short-covering and book-squaring on bullish technical signals. The most-active December cotton contract on ICE Futures US dropped as much as 1.8 percent sharply paring losses to end down 0.05 cent, or 0.08 percent, at 64.45 cents a lb.
The fluctuations observed during the day:

Easy tendency prevailed on the cotton market on Thursday despite the announcement that the Trading Corporation of Pakistan (TCP) would lift lint cotton from the ginners to assist the growers and the agriculture economy. Earlier it was reported that the TCP would lift one million bales of cotton to halt the sagging tendency in seed cotton and lint prices.
Sizeable trading was seen on the cotton market on Thursday amid announcement of procurement price by the Trading Corporation of Pakistan (TCP), dealers said. The official spot rate rose by Rs 50 to Rs 5,150, they added. In the ready session, around, 20,000 bales of cotton changed hands between Rs 5150 and Rs 5300, they said. In Sindh, rates of seed cotton were at Rs 2000 and Rs 2500, in Punjab prices were unchanged at Rs 2400 and Rs 2600, they said.
Cotton futures closed down on Thursday, reversing earlier gains as farmers sold into this week's chart-driven rally. The most-active December cotton contract on ICE Futures US sank 0.85 cent, or 1.3 percent, to close at 64.50 cents a lb in volatile, heavy trade.
Central Chairman APTMA S M Tanveer has warned that the textile industry exports worth 2.5 billion dollar would be at risk if energy supply remains uncertain. Furthermore, he apprehended that the industry would be reluctant from undertaking further investment if energy supply was not ensured timely by the government.

 



 
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