Good trading activity was witnessed at Pakistan cotton market

Pakistan cotton market witnessed good business with mills and spinners continued buying on expectations of increase in prices in times to come, on Friday. According to Market sources, no major change in the prices seen after the TCP’s announcement of procurement price at Rs 6864 per maund to bring stability in the rates

The official spot rate remained unchanged at Rs 5,150. In the ready session, around 30,000 bales of cotton changed hands between Rs 4600 and Rs 5300. In Sindh, rates of seed cotton were firm at Rs 2000 and Rs 2500 while in Punjab prices were unchanged at Rs 2400 and Rs 2650.

The following deals reported to have changed hands: 200 bales from Sanghar sold at Rs 4600, 200 bales from Shahdadpur at Rs 4700, 400 bales from Moro at Rs 5050, 3000 bales from Khairpur at Rs 5200-5250, 2000 bales from Upper Sindh at Rs 5200-5250, 600 bales from Jahanian at Rs 5175, 800 bales from Multan at Rs 5175-5250, 800 bales from Vehari at Rs 5200, 400 bales from Hasilpur at Rs 5200, 800 bales from Bahawal Nagar at Rs 5200, 400 bales from Fort Abbas at Rs 5200, 600 bales from Ahmedpur at Rs 5200, 800 bales from Chistian at Rs 5200, 200 bales from Lodhran at Rs 5200, 1000 bales from Haroonabad at Rs 5200-5250, 1400 bales from Bahawalpur at Rs 5200-5275, 2000 bales from Khanewal at Rs 5200-5300, 1000 bales from Burewala at Rs 5250, 400 bales from Jalapur at Rs 5250, 200 bales from Daharanwala at Rs 5250, 800 bales from Kabirwala at Rs 5250, 1000 bales from Mianwali at Rs 5300, 2000 bales from Rajanpur at Rs 5300, 400 bales from Alipur at Rs 5300, 1600 bales from Rahim Yar Khan at Rs 5300, 2000 bales from Layyah at Rs 5300, 1000 bales from Sadiqabad at Rs 5300 and 1600 bales from Fazilpur at Rs 5300.

Cotton analyst, Naseem Usman is of the opinion that trading activity may come down due to Ashura holidays.