With mills and spinners taking interest in fresh deals little improvement was witnessed on Wednesday in the trading activity at the Pakistan cotton markets.
While there was no change seen in the official spot rate at Rs 6,300, the prices of seed cotton from Sindh was at Rs 3300 and Rs 3350, and in the Punjab rates jumped by Rs 100 to Rs 3400 and Rs 3350.
In the ready session, about 1200 bales of cotton changed hands at Rs 6300-6400. The following deals were reported: 400 bales of cotton each were sold at Rs 6300-6400 from Shahdadpur and Tando Adam and 400 bales of cotton from Mirpurkhas at Rs 6350-6400 were sold.
According to Cotton analyst, some needy mills and spinners have entered the market to meet their urgent requirements. The cotton crop is ready for picking, but wind fall in interior Sindh is causing delay. Due to which it appears that picking operation may not be delayed in days to come, until or unless, monsoon rains starts. If monsoon rains started in Sindh, this factor may not be beneficial for the standing crop.
Exports of textile and closing products witnessed an increase of 5.96 percent during to the out-going fiscal year, mainly owing to a slight rise in export of value-added products.
On gobal front, cotton futures dropped for a second straight session on Tuesday, dropping to November 2012 lows after a US government plantings report raised expectations that domestic supplies will be higher than previously forecast. The most-active December cotton contract on ICE Futures US plunged to 72.20 cents a lb before finishing down 0.11 cent, or 0.1 percent, at 73.40 cents a lb.
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