RECORDER REPORT | March 20, 2020
KARACHI: Rates of cotton fell on the local market on Thursday in the process of cautious trading session, dealers said. The official spot rate was down by Rs100 to Rs8800, they added. In the ready session, 1300 bales of cotton changed hands between Rs8550-9200, dealers said.
Rate of seed cotton per 40kg in Sindh low quality was at Rs2800, while the best quality was unchanged at Rs4100, and in the Punjab prices of low quality were at Rs2800 while the fine type was available at Rs4600, they said. In Sindh, Binola prices per maund were at Rs1400-1800, in Punjab rates were at Rs1650-1800, they said and the rate of polyester fibre was at Rs167 per kg, they added.
Market sources said that thin attendance was seen as some buyers interested in new deals to replenish their stock. Under the circumstances, no body wants to do any deal because of several uncertainties, created by coronavirus pandemic.
Cotton analyst, Naseem Usman said that most of traders were looking disappointed because of huge losses in their business, so mills were also worried about delay in shipment. Following deals were reported: 1000 bales of cotton from Rohri at Rs8550, 100 bales from Kabirwala at Rs9200 and 200 bales from Khanpur at Rs8950, they said. (Source: Business Recorder)