Prices almost firm on the cotton market on Monday in the process of selective buying from millers and spinners, dealers said. The official spot rate was unchanged at Rs 7250, they said. Prices of seed cotton in Sindh per 40 kg were modestly inert at Rs 3250-3400, while in Punjab prices were at Rs 3200-3350, dealers said. In the ready session, over 15,000 bales of cotton changed hands between Rs 7000-7400, they said.
Some dealers said ginners showed no interest in selling at the lower rates. Cotton analyst, Naseem Usman said China was going to impose import duty on cotton, which may not bring discourage local cotton exports and at least prices are likely to move in a narrow band in the near future. Additionally, it is expected that heavy rains in India may stabilise rates on the local market due to demand from Indian exporters, other brokers said.
The following deals were reported as 1,000 bales of cotton from Shahdad Pur at Rs 7100/7200, 800 bales from Tando Adam at Rs 7100-7200, 1,000 bales from Sanghar at Rs 7000-7100, 1,000 bales from Mirpurkhas at Rs 7000-7100, 1,400 bales from Nawab Shah at Rs 7300, 2,000 bales from Khair Pur at Rs 7350-7400, 1,000 bales from Upper Sindh at Rs 7350-7400, 200 bales from Mamo Kanjan at Rs 7275, 400 bales from Burewala at Rs 7300, 200 bales from Hasil Pur at Rs 7300, 600 bales from Bahawal Nagar at Rs 7300/7350, 200 bales from Dera Ghazi Khan at Rs 7350, 200 bales from Adda Flor at Rs 7350, 600 bales from Chichawatni at Rs 7350-7400, 200 bales from Bakhar at Rs 7350, 400 Jhang at Rs 7350-7400, 400 bales from Jahainan at Rs 7350-7400, 600 bales from Lodhran at Rs 7350-7400, 400 bales from Vehari at Rs 7350-7400, 600 bales from Chistian at Rs 7350-7400, 400 bales from Haroonabad at Rs 7350-7400, 400 bales from Mian wali at Rs 7350-7400, 400 bales from Khanewal at Rs 7350-7400, they added.
Source:- brecorder.com
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