Ginners raise asking prices of fine quality keeps trading slow

As ginners keen on raising asking prices, dealers said the cotton market on Wednesday witnessed slow trading activity. The official spot rate remained unchanged at Rs 6250 . In Sindh, seed cotton prices were at Rs 2600-3250, while in Punjab, the phutti rates were at Rs 2800 and Rs 3500, as per 40 kg.

According to the market sources, the ginners who were enthusiastic to earn more profit raised asking prices of fine quality. They also observed that the textile industry was passing through a difficult period and the spinners on the other hand, was confused under the circumstances. Crisis ridden cotton yarn market particularly of high count yarn was very slow.

Cotton analyst, Naseem Usman opined that the leading spinners were not very active in buying of huge stock as they have already purchased stock of cotton lint, which was enough to meet demand in the near future. Hence remain away the trading arena.

In the meantime, arrivals of fine quality slowed down, brokers said.

In the ready session, around 15,000 bales of cotton changed hands between Rs 5600-6550.

As per dealers, following deals were reported to have changed hands: 800 bales from Sanghar sold at Rs 5600-5900, 400 bales from Jhole at Rs 5900, 1000 bales from Khairpur at Rs 6200, 1600 bales from Rohri at Rs 6000-6450, 2000 bales from Salahpat at Rs 6300, 400 bales from Sarhad at Rs 6500, same figure from Khanpur Mehar, same number from Mirpur Mathilo, 800 bales from Ghotki, 1000 bales from Dharki all done at the same rate, 3200 bales from Mianwali at Rs 6000-6100, 600 bales from Basti Malook at Rs 6300, 1000 bales from Fort Abbas at Rs 6400 and 600 bales from Rahim Yar Khan at Rs 6525-6550.