Pakistan cotton market witnessed improved buying interest in new crop on Tuesday. Mills and spinners showed interest in purchasing new crop due to quality factor which helped to improve the volume of business.
According to analyst, Naseem Usman, some of mills were on the sidelines due to rising problems related to textile business such as load shedding. Other dealers said that cotton market saw thin business because of bank holiday.
The official spot rate at Karachi Cotton Exchange remained unchanged at Rs 5100, dealers said. In the ready session 800 bales reported at Rs 5000. Seed cotton prices in Sindh were at Rs 2450-2500 and in Punjab rates were at Rs 2600 and Rs 2650.
The following deals reported to have changed hands: 200 bales of cotton from Tando Adam, 400 bales from Shahdadpur and 200 bales from Sanghar all sold at Rs 5000.
On global front, NY cotton futures were lower on Monday owing to Greece jitters ahead of acrid report
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