Cotton market slowing down

Subdued business was witnessed on the cotton market on Saturday in the absence of leading factors, dealers said. The official spot rate maintained week-end level at Rs 9000, they added. In the ready session, 1000 bales of cotton from Jshania finalised at Rs 9250 (stock), dealers said.

Rate of seed cotton per 40kg in Sindh low quality was at Rs 2800, while the best quality was unchanged at Rs 4100, and in the Punjab prices of low quality were at Rs 2800 while the fine type was available at Rs 4600, they said. In Sindh, Binola prices per maund were at Rs 1400-1800, in Punjab rates were at Rs 1650-1800, they said and adding that rate of polyester fibre was trading at Rs 173 per kg, they said.

According to the market sources, short supply of fine quality was a big concern for the millers. The ginners are refraining from fresh deals, anticipating good profit of margin in days to come, they added. Cotton analyst, Naseem Usman said that growers were expecting that the government will provide cotton seed without any delay, because sowing is continued in the country. On the other hand, the millers hope for better outcome of recent successful talks with Prime Minister.

Source: Business Recorder