RECORDER REPORT | March 08, 2018
KARACHI: Some buying interest emerged among spinners on the cotton market on Wednesday in the process of trading, dealers said. The official spot rate was unchanged at 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, around 1600 bales of cotton changed hands between Rs 6300-7150, they said.
According to the market sources, modest trading was seen in the absences of motivating factor. In the meantime, the ginners, who have only 0.6 million bales of cotton with them trying to raise asking prices, experts said. But some spinners made buying at lower rates to meet requirements, they added. They observed that rates of quality cotton may go up further in the coming days. Besides, they said that to avoid expensive cotton imports, spinners are tying to lay hands over the local cotton to meet their demand. In India, cotton prices tended lower, they said.
Adds Reuters: In New York, cotton futures were lower on Tuesday. The following deals were reported: 400 bales of cotton from Yazman Mandi done at Rs 7100, 400 bales from Jalalpur at Rs 7150, 200 bales from Layyah at Rs 7000 and 400 bales from Haroonabad at Rs 6300, they said. (Source: business recorder)