As major buyers were on the sidelines due to quality factor, trading activity remained moderate on the cotton market on Tuesday, dealers said.
Seed cotton prices in Sindh were at Rs 2300-2350 and in Punjab rates were at Rs 2350 and Rs 2450. In the ready business, around, 3000 bales of cotton changed hands between Rs 4700 and Rs 5000. However, the official spot rate remained unchanged at Rs 4700.
According to analysts, some needy mills and spinners took part in fresh buying of seed cotton while ginners preferred to sell to meet their financial problems.
Cotton analyst, Naseem Usman, said that prices may go up after Eid holiday. Despite this factor the ginners were selling to meet Eid related expenditures.
The following deals reported to have changed hands: 200 bales from Khipro at Rs 4700, 800 bales from Mirpurkhas at Rs 4700-4750, 1000 bales from Sanghar at the same rate, 400 bales from Shahdadpur at Rs 4800 and 200 bales from Burewala at Rs 5000.
On the global front, cotton news over the past week was a “mixed bag but mostly not good for prices,” Don Shurley, an agricultural economist at the University of Georgia, said.
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