Trading activity started improving as needy spinners and mills took part in fresh deals as prices were matching with their psychological levels on the cotton market on Friday according to market sources.
The official spot rate remain unchanged at Rs 5,900, dealers said. In Sindh, seed cotton prices gained Rs 200 to Rs 3100-3200 and in Punjab rates of Phutti were higher by Rs 200 to Rs 2900-3100, as per 40 kg.
In ready business, over 4000 bales of cotton changed hands between Rs 5975 and Rs 6150, dealer said.
According to cotton analyst, Naseem Usman, slow demand for cotton yarn coupled with issues confronting the textile industry not encouraging buyers to make deals in a big way. The textile sector is waiting for concessions from the government to boost the industry but in vein, because there are only long slogans of promises, nothing else.
Following deals were reported to have changed hands as per dealers: 200 bales of cotton from Jhole at Rs 5975, 200 bales from Shahdadpur at Rs 6000, 600 bales from Tando Adam at Rs 6000-6050, 1400 bales from Sanghar at the same rate, 1600 bales from Khairpur at Rs 6150 and 200 bales from Haroonabad at the same rate.
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