With the improvement in arrivals of seed cotton, prices remained under pressure on the cotton market on Monday, according to the dealers. In both Sindh and Punjab, seed cotton prices were at Rs 3000 and Rs 3200 per 40 kg, respectively.
The official spot rate continued falling trend, losing more Rs 200 to Rs 6,200, dealers said.
In ready business, around 20,000 bales of cotton changed hands between Rs 6400 and Rs 6500, dealers said.
However the market sources said that it is very interesting to note that prices are not showing improvement, instead of falling despite strong mills’ buying.
Cotton analyst, Naseem Usman said that it is not easy to predict that how much prices can fall in the coming days.
The following deals were reported to have changed hands as per dealers: 3000 bales from Mirpurkhas at Rs 6400-6500, 3000 bales from Shahdadpur at Rs 6400-6500, 3000 bales from Sanghar at Rs 6400-6500, 2400 bales from Tando Adam at Rs 6425-6500, 1200 bales from Hala at Rs 6425-6500, 2000 bales from Hyderabad at Rs 6450-6500, 1000 bales from Kotri at Rs 6450-6500 and 800 from Moro at Rs 6450-6500.
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