At cotton market as some needy mills took interest in fresh buying, with improvement in volume of business, prices also improved modestly on Saturday, dealers said. According to the market sources, mills and spinners showed their interest in fresh buying to meet requirements.
The official spot rate recovered overnight loss by Rs 50 to Rs 5,550, dealers said.
In ready session, around 5000 bales of cotton changed hands between Rs 5500 and Rs 5750.
As per cotton analyst, Naseem Usman, major buyers were on the sidelines on expectations of decline in rates after arrivals of imported cotton. Most of cotton is being imported from other countries to meet the consignments despite the fact that demand is not increasing from international markets.
Other brokers said that many leading mills have imported cotton on expectations for rise in foreign demand but in vein. Exports of textile items are not showing any positive sign, which is also adding uncertainty for the cotton traders.
The following deals were reported to have changed hands as per dealers: 3121 bales of cotton from Chani Goth at Rs 5500, 600 bales from Khanpur at Rs 5600 and 900 bales from Yazman Mandi at Rs 5550-5750.
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