Pakistan cotton market witnessed selective buying again on Friday amid tight supply of quality lint. Only needy buyers were seen covering their immediate requirement.
In the ready session, around 7,000 bales of cotton changed hands between Rs 4400 and Rs 5200. The prices of seed cotton in Sindh were at Rs 1900 and Rs 2350 and in Punjab rates were at Rs 2000 and Rs 2650. While, the official spot rate remained unchanged at Rs 5000
According to cotton experts, Naseem Usman, as a whole market is steady and will sustain it's firmness in the near future. Spinners were active in purchasing of lint cotton despite the higher prices. Late sowing is also a solid reason and bullish factor behind the strong demand by spinners.
The following deals reported: 400 bales of cotton from Sanghar sold at Rs 4400, 200 bales from Shahdadpur at Rs 4600, same figure from Tando Ghulam Ali at Rs 4900, 1600 bales from Pano Aqil at Rs 5100, 400 bales from Maroot at Rs 4950, 600 bales from Haroonabad at the same rate, 500 bales from Burewala at Rs 5100, 600 bales from Shah Jamali at Rs 5160, 400 bales from Mian Chano at Rs 5200 and 568 bales from Sadiqabad at the same rate, they added.
On the global front, Cotton on ICE Futures US rose on Thursday, ending the longest rout since late 2013 as chart signals curbed investor liquidation and low prices revived demand from mills. The front-month May cotton contract on ICE slipped to a five-week low of 60.26 cents a lb, then rallied to close up 0.89 cent, or 1.5 percent, at 61.22 cents.
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