Trade activity rises on cotton market
Trade activity improved on the cotton market on Tuesday as buyers showed interest in making new deals, dealers said. The official spot rate was unchanged at Rs 8,800, they added. Prices of seed cotton in Sindh improved slightly at Rs 3000-4000, in the Punjab seed cotton prices were at Rs 3300-4000 and in Balochistan, rates of seed cotton were at Rs 3600-4000, they said.
In the ready session, about 18,000 bales of cotton changed hands between Rs 8300-9100, they said. According to the market sources, local participants were expecting for positive steps from the government. Besides, better sentiment in the global market is also a solid factor behind the sizeable business these days in the domestic market, cotton analyst, Naseem Usman said.
The ginners were also on the sidelines in expectations of rise in rates of cotton, beside, demand for cotton yarn improved in the local market and it looks that cotton business likely to gain momentum in days to come. According to reports, cotton prices were mixed in the international market.
The following deals reported: 400 bales of cotton from Dherki at Rs 9100, 600 bales from Ghotki at Rs 9100, 400 bales from Mirpur Mathelo at Rs 9100, 2000 bales from Saleh Pat at Rs 8650/8875, 1200 bales from Khairpur Mirus at Rs 8500/8700, 500 bales from Shahdadpur at Rs 8350, 400 bales from Tando Adam at Rs 8300, 200 bales from Kotri at Rs 8300, 2200 bales from Khanpur at Rs 9100, 4200 bales from Rahim Yar Khan at Rs 9000/9100, 1200 bales from Sadiqabad at Rs 9000/9100, 200 bales from D. G. Khan at Rs 9000, 1000 bales from Fazilpur at Rs 9000, 1000 bales from Donga Bonga at Rs 8800, 1200 bales from Bahawal Nagar at Rs 8300, 400 bales from Faqirwali at Rs 8300, 400 bales from Garah Mor at Rs 8300 and 200 bales from Haroonabad at Rs 8300, they said.