Cotton prices remain stable amid modest trade

Prices remain stable amid modest trade at the cotton market on Tuesday, dealers said. In Sindh, seed cotton prices were unchanged at Rs 3300-3500 and in Punjab rates of Phutti dropped by Rs 100 to Rs 3100-3450, in Balochistan, best quality of seed cotton was available at Rs 3650, per 40 kg.

But the official spot rate was up by Rs 50 to Rs 6,600.

In ready business, around 8,000 bales of cotton changed hands between Rs 6650 and Rs 6850, they said.

According to cotton analyst, Naseem Usman, buyers were keen to replenish their stock amid improved flow of Phutti and better quality. He explained that the arrivals of Phutti have improved which eased the availability of quality cotton.

In the meantime, other experts said that fears of short crop are hovering, propelling spinners to rush for big deals.

The following deals were reported to have changed hand as per dealers: 200 bales from Khanpur at Rs 6650, 1600 bales from Sanghar at Rs 6700-6775, 600 bales from Mirpurkhas at Rs 6750, 1000 bales from Hyderabad, 200 bales from Jhole, 400 bales from Hala, same figure from Shahpur Chakar, same number from Nawabshah, 200 bales from Moro all done at the same rate, 1000 bales from Shahdadpur at Rs 6750-6800, 1600 bales from Tando Adam at Rs 6750-6820, 400 bales from Sammundri at Rs 6700, 200 bales from Mongi Bungla at the same rate, 400 bales from Hasilpur at Rs 6850, 200 bales from Vehari at the same rate and same figure from Chichawatni at the same price.