Trading activity at cotton market on Friday witnessed prices failing to maintain firmness as mills and spinners kept on the sidelines in the absences of motivating factor, dealers said. Market sources said that main buyers were on the sidelines after news started reaching that new cotton crop arrivals are expected in middle of June.
Heat wave and early sowing helped cotton crop mature early, the ginners who have nearly 200,000 bales with them on expectations of better return were upset.
The official spot rate was lower by Rs 50 to Rs 5,500 while in ready session, approximately 600 bales of cotton changed hands between Rs 5400 and Rs 5450, dealers said.
According to Cotton analyst, Naseem Usman, locally prices were coming down with the passage of time despite sharp rise in the world markets.
According to dealers following deals were reported to have changed hands: 200 bales from Faqirwali at Rs 5400 and 400 bales from Yazman Mandi at Rs 5425-5450.
On global front, cotton futures jumped on Thursday to their highest price since May 3, fuelled by investor buying across commodities markets and hopes that China may boost import quotas, lifting demand from the United States and other top exporters.
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