Cotton market witnessed modest trading activity

In the process of modest trading activity on cotton market on Saturday Cotton prices remain firm. A kind of cautious business was seen on the market as both buyers and sellers preferred to be on the sidelines in the process of trading activity. The official spot rate also was unchanged at Rs 6375, dealers said.

In Sindh, seed cotton prices were at Rs 3000-3300, while in Punjab, the phutti rates stayed put at Rs 3200 and Rs 3550, as per 40 kg,

Cotton analyst, Naseem Usman observed that some needy buyers were active to meet their near-term requirements. The short supply of quality cotton and little prospects of importing cotton from India caused a panic and creating uncertainties among the local traders.

Furthermore, the latest move launched by the Indian exporters created more confusions among traders as they have cancelled deals of over one lac of cotton bales to Pakistani counterparts.

The following deals reported to have changed hands: 2000 bales from Dharki at Rs 6600, 600 bales from Faqirwali at Rs 6500, same figure from Bahawal Nagar at the same rate, 400 bales from Yazman Mandi at Rs 6525, 800 bales from Sadiqabad at Rs 6650, 1600 bales from Khanewal at Rs 6225-6700 and 1000 bales from Alipur at Rs 6700, according to dealers.

In the ready session, around 7,000 bales of cotton changed hands between Rss 6500 and Rs 6700, they said