RECORDER REPORT | 6 March, 2018
KARACHI: Instead of gaining ground, prices fell on the cotton market on Monday in the process of thin trade activity, dealers said.
The official spot rate was lower by Rs 100 to Rs 7100, they added. In Sindh, seed cotton prices were at Rs 2400-3000 and in the Punjab, rates were at Rs 2600-3100, they said. In the ready session, approximately, 800 bales of cotton changed hands between Rs 6300-6350, they said.
Commenting on the latest developments, cotton analyst, Naseem Usman said that the ginners raised asking prices reduced volume of business. He also said that arrivals of new crop may delay because sowing in Lower Sindh delayed owing to the short supply of irrigation water.
In the meantime, rates were firm in the global market, it’s a solid factor, which may help prices to sustain present levels, other experts said. The following deals were reported: 400 bales from Ghotki at Rs 6350 and same figure from Haroonabad at Rs 6300, they said. (Source: Business Recorder)