7 Feb 2018
KARACHI: Not a single deal finalised on the cotton market on Tuesday as both the buyers and sellers were on the sideline in the absence of motivating factors, dealers said. The official spot rate was lower by Rs 100 to Rs 7,200, they added. In Sindh seed cotton prices were inert at Rs 2600-3250, and in the Punjab, rates did not show any change at Rs 2600-3200, they said.
According to the market sources, falling trend caused listless business and it seems prices may not show any significant increase in the near future. Cotton Analyst, Naseem Usman said that under the circumstances both mills and ginners were worried due to lack of fresh leads. The rates of cotton are not picking up in the local markets in line with the global track, some brokers said.
They also said that Shankar-6 lost Rs 100 at Rs 40,000, 356 kg per candy, MECH-1 fell by Rs 200 to Rs 38,600, and J-34 also shed Rs 100 to Rs 39,500. Adds Reuters: In the New York market, the rates were down on Monday. Not a single deal was reported till our going to the press.
(Source: Business Recorder)