Mills seen making fresh buying amid hovering fears of rise in rates

Mills and spinners were seen making fresh buying amid hovering fears of rise in rates to replenish their stock at cotton market, dealers said. The official spot rate remain unchanged at Rs 5,900.

In Sindh, seed cotton prices at Rs 3100-3200 and in Punjab rates of Phutti were at Rs 2900-3100, as per 40 kg, dealers said. In ready business, over 13000 bales of cotton changed hands between Rs 6000 and Rs 6250.

Cotton analyst, Naseem Usman said that no major change was seen in the present outlook in the absence of motivating factors. If cotton yarn prices not improves it may cause further loss to the traders, other experts said.

The following deals were reported to have changed hands as per dealers: 600 bales of cotton from Kotri at Rs 6000, 1200 bales from Hyderabad, 1000 bales from Tando Adam, 1400 bales from Sanghar all done at the same rate, 1800 bales from Shahdadpur at Rs 6000-6050, 200 bales from Pithoro at Rs 6025, same number from Sarhari at Rs 6050, 1000 bales from Khairpur at Rs 6100, 200 bales from Bakhar at Rs 6150, 200 bales from Chistian at Rs 6150, 1000 bales from Hasilpur at Rs 6150-6200, 1500 bales from Haroonabad at Rs 6150-6250, 600 bales from Muridwala at Rs 6200, 200 bales from Samundri, 400 bales from Vahari, 200 bales from Chichawatni at Rs 6200, same number from Mian Chano at Rs 6250 and 400 bales from Khanewal at the same rate.