Source: Business Recorder

November 30, 2019

KARACHI: Thin trading activity was seen on the cotton market on Friday as buyers kept on the sidelines in the absence of motivating factors, dealers said.

The official spot rate was unchanged at Rs 9000, they added. In ready session, over 5,000 bales of cotton changed hands between Rs 8350-9150, they said.

Rates of seed cotton per 40kg in Sindh were at Rs 2600-4300 and in the Punjab prices were at Rs 3500-4400, they said. In Balochistan, seed cotton prices were at Rs 3500-4300, they said. In Sindh, Binola prices per maund were at Rs 1400-1700, in Punjab and Balochistan rates were at Rs 1500-1600, they said and adding that polyester fibre was available at Rs 181.

According to the market sources, basic factor behind the thin activity was shortage of quality cotton. They also said that textile industry suffering from a liquidity crunch owing to non-payment of refunds for the last several months. Cotton analyst, Naseem Usman said that the ginners were not interested in panic selling of cotton to earn profits.

Adds Reuters: All commercial centres and markets including NY cotton futures were closed on for a Thanksgiving holiday. The following deals reported: 3000 bales of cotton from Rahim Yar Khan done at Rs 9000/9100, 2000 bales from Sadiqabad at Rs 9100/9150 and 400 bales from Fort Abbas at Rs 8350, they said. (Source: Business Recorder)