Modest trading activity witnessed at cotton market with spinners laying hands over the quality lint on Tuesday, said dealer. However, according to the market sources, the spinners managed to make deals of fine quality, in the meantime they failed to go in a big way as the ginners were so much reluctant to dispose of their stock in expectation of better rates.
The official spot rate remained unchanged at Rs 5,350 while in the Punjab prices of seed cotton were at Rs 2400 and Rs 3100. In the ready business, nearly 1600 bales of cotton changed hands between Rs 5275 and Rs 5500, dealers said.
As per Cotton analyst, Naseem Usman tussle has started between spinners and ginners over the prices. The spinners are trying to replenish their stock after realizing developing scenario of the globe.
While other analysts of the view that the prices of cotton are rising as unsold stock with cotton producing countries were not enough to meet the current short position.
The following deals were reported to have changed hands as per dealer: nearly 400 bales of cotton from Fazilpur at Rs 5275, 200 bales from Marot at Rs 5350, 600 bales from Khanpur at Rs 5500 and 400 bales from Faqirwali at Rs 5275.
On global front, cotton futures surged on Monday to the highest in almost two months on short covering amid a weaker dollar and rising demand for the natural fiber.
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