Trading activity moves at slow pace with ginners raising asking prices

YarnsandFibers News Bureau 2017-01-18 13:00:00 – Karachi

At cotton market, trading activity took a slow pace on Tuesday as the ginners raised asking prices in anticipation of getting better rates and in expectation of attractive profit in the coming days. The official spot rate also remained unchanged at Rs 6375, dealers said.

In Sindh, seed cotton prices were at Rs 3000-3300, while in Punjab, phutti rates stayed put at Rs 3200 and Rs 3550, as per 40 kg.

According to market sources, trading activity came under pressure since the week started in the absence of fresh leads.

Cotton analyst, Naseem Usman said that short availability of cotton lint is helping rates to keep present levels. Some leading buyers were on the sidelines just to observe latest position and partly because of ahead of the Pakistan Cotton Ginners Association (PCGA) fortnightly report.

In the ready session, around 3,000 bales of cotton changed hands between Rs 6400 and Rs 6700.

The following deals were reported to have changed hands as per dealers: 600 bales of cotton from Rahim Yar Khan at Rs 6700, 600 bales from Khanewal at Rs 6700, 800 bales from Haroonabad at Rs 6550/6600 and 400 bales at Rs6400 from Hasilpur.

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