Prices failed to maintain rising trend at local cotton market

YarnsandFibers News Bureau 2016-07-03 13:00:00 – Karachi

Prices failed to maintain rising trend on the local cotton market on Saturday due to falling interest among buyers, according to dealers. According to some brokers, trade activity came down ahead of Eid-ul-Fitr holiday.

The official spot rate shed Rs 50 to Rs 5,900, dealers said.

In Sindh seed cotton prices were at Rs 2900-3200 while in Punjab phutti prices were at Rs 3000 and Rs 3200, per 40 kg, respectively, dealers said.

In ready business, around 400 bales of cotton changed hands at Rs 6150.

According to cotton analyst, Naseem Usman, both leading buyers and sellers were on the sidelines due to transportation problem. While, some leading buyers, who had done forward buying last days, were on the sidelines. On the other hand, the ginners also did not take interest in fresh buying due to declining rates.

The following deals were reported to have changed hands as per dealers were: 200 bales from Sanghar at Rs 6150 and same figure from Nooriabad done at the same rate.

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