Local spinners got unnerved as a result of stock piling of yarn, dealers said on the cotton market on Wednesday. The official spot rate was unchanged at Rs 6800, they added.
Prices of seed cotton in Sindh per 40 kg were at Rs 2400-3100, in Punjab, rates were inert at Rs 2400-3200, dealers said. In the ready session, 4200 bales of cotton changed hands between Rs 6700-7100, dealers said.
Cotton Analyst, Naseem Usman said that local spinners were worried about the stock piling of yarn due to import of same from India. The spinners were facing hardship due to financial problem, other brokers said.
Reuters adds: Cotton futures gained for a second straight session on Tuesday, lifted by chart signals and expectations of tight supplies in the United States, the world's top exporter. The most-active May cotton contract on ICE Futures US rose 0.89 cent, or 1 percent, to settle at 89.22 cents a lb.
The following deals were reported: 400 bales of cotton from Haroonabad at Rs 6700, same figure from Fort Abbas at Rs 6800 and 3000 bales from Sadiqabad at Rs 7100, they said.
Source:- brecorder.com
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