Prices at cotton market remained stable on buying by mills and spinners

Price and trade turnover at cotton market remained stable as the gap between demand and supply narrowed down significantly and with mills and spinners continued purchasing on Thursday ahead of Ashura holidays. In the ready business, over 16,000 bales of cotton changed hands between Rs 4750 and Rs 5600, dealers said.

The official spot rate was static at Rs 5350. While in Sindh, seed cotton prices were unchanged at Rs 2600 and Rs 3000 and in Punjab rates also depicted no change at Rs 2800 and Rs 3100, dealers said.

According to the market sources, mills continued buying after the announced of relief package, which was lack of some basic facilities. Cotton analyst, Naseem Usman sharing the same opinion said that traders were hoping, the government may announce some concessions for the value-added sector and All Pakistan Textile Mills Association (APTMA).

The following deals reported by dealers: 600 bales of cotton from Tando Adam sold at Rs 4750, 2000 bales from Khairpur at Rs 5400-5425, 2500 bales from Upper Sindh at Rs 5500-5525, 400 bales from Sahiwal at Rs 5400, 1000 bales from Burewala at Rs 5425, 400 bales from Dharanwala at Rs 5450, 1000 bales from Haroonabad at Rs 5475, 800 bales from Fort Abbas at Rs 5490-5525, 1000 bales from Faqirwali at Rs 5525, 1200 bales from Alipur at Rs 5500-5600, 800 bales from Ahmedpur at Rs 5575, 1200 bales from Rajanpur at Rs 5600, 1000 bales from Rahim Yar Khan, same figure from Sadiquabad and 600 bales from Khanpur all done at the same rate.