Fairly small trade activity seen on cotton market

Fairly small trade activity was witnessed at Pakistan cotton market on Monday as some leading buyers kept on the sidelines due to little interest in fresh buying, according to dealers.

At Karachi cotton exchange, the official spot rate remained static at Rs 5450.

According to Cotton analyst, Naseem Usman, mills are still under pressure over the issue of GIDC and on the other hand the ginners were selling their stuff before arrivals of new crop.

The market sources said that unenthusiastic attitude was seen among ginners, who half heartedly willing to sell their unsold at below their psychological levels.

The following deals reported to have changed hands: 1000 bales of cotton from Jahanian at Rs 5500, 1600 bales from Rahim Yar Khan at Rs 5550, 1200 bales of cotton from Khanpur at the same rate, 800 bales from Fort Abbas at the equal amount and same figure from Yazman Mandi at Rs 5575.

In the ready session, over 5000 bales changed hands between Rs 5500-5575.