With dwindling stock of quality lint, ginners have raised asking price of quality lint due to which not a single deal was finalized on the cotton market on Monday. The official spot rate also remained unmoved at Rs 5,350 dealers said. In the Punjab prices were at Rs 2400 and Rs 3100.
According to market sources, some of the ginners who held back quality lint on hopes of better income in the coming days, raised asking prices, but the spinners showed no interest in fresh buying.
Cotton analyst, Naseem Usman said that late sowing in the Punjab and decline in Indian cotton production creating uncertainties among mills and spinners. In fact, a lackluster business atmosphere is created due to shortage of fine type and wait-and-see attitude by the ginners.
Cotton futures edged lower on MCX due to sluggish demand from traders and stockists at the domestic spot market. Though, some losses were capped on lower production from major producing belts of India and Pakistan
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