Holi festival kept trading activity on the cotton market on Thursday came under pressure as many participants busy in Holi celebrations. Dealers said the trade activity may revive after Holi festival.
In the ready business, around 4,000 bales of cotton changed hands between Rs 4300-5500, while, in Sindh, seed cotton prices were at Rs 2000-2200, and in Punjab prices at Rs 2500 and Rs 2900.
The official spot rate was unchanged at Rs 5,250, dealers said.
Market sources commenting on present trend in the market, said that buyers are trying to lay hands over the best quality, which is short in demand. Prices may pick up or stabilize in the coming days. As a whole, the future direction of the market is not so clear because of low off-take of cotton yarn and textile goods were giving gloomy outlook.
The following deals were seen to have finalized as per dealers: 400 bales of cotton from Sanghar at Rs 4300, 400 bales from Burewala at Rs 4500, 600 bales from Chichawatni at Rs 4500, 400 bales from Layyah at Rs 4650, 1000 bales from Rahim Yar Khan at Rs 5500 and 600 bales from Rajanpur at Rs 5500.
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