Dull market was seen on the cotton market on Tuesday as leading spinners kept on the sidelines in the process of trading. In the ready business, about 1400 bales of cotton changed hands at Rs 5550, dealers said.
In Sindh, prices of seed cotton at Rs 1600 and Rs 2800, in the Punjab, rates were at Rs 2000 and Rs 3000. The official spot rate remained unchanged at Rs 5,350.
As per the market sources, the spinners were not keen in making fresh deals because they are already facing losses due to high risk of doing business in absence of incentives by the government.
According to cotton analyst, Naseem Usman, buyers were conspicuous by their absence, on the other hand, the ginners also kept on the sidelines.
Other analysts said that the government’s long slogans to provide several incentives to poor growers to increase production and quality as well, failed to show it’s promises.
On the other hand, reports appeared that China is targeting a 6.5 percent reduction in cotton cultivation in its top growing region this year, as it attempts to create conditions more favourable to a release of some of its huge state stocks.
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