Cotton prices lower on moderate trade

Prices declined further on the cotton market on Friday in the process of moderate trading activity, dealers said.

The official spot rate was down by Rs 100 to Rs 8650, they added. Prices of seed cotton in Sindh were at Rs 3600-4100, in the Punjab seed cotton prices were at Rs 3700-4100 and in Balochistan, rates of seed cotton were at Rs 3800-4300, they said.

In the ready session, over 35,000 bales of cotton changed hands between Rs 8300-8900, they said.

According to market sources mills and spinners attracted by the declining rates and try to replenish their stock.

Cotton analyst, Naseem Usman said that trading activity improved due to lucrative rates of fine quality, but it looks that volume of business may shrink in days to come.

Other brokers hoping that exports of textile products may show slight increase.

Cotton prices were down in the international markets, except India, where rates showed slight gains, they said.

The following deals reported: 1200 bales of cotton from Shahdadpur at Rs 8300/8600, 800 bales from Tando Adam at Rs 8300/8450, 400 bales from Kotri at Rs 8450, 400 bales from Hala at Rs 8500, 1400 bales from Nawabshah at Rs 8300/8550, 4000 bales from Khairpur at Rs 8600/8700, 1200 bales from Saleh Pat at Rs 8700/8850, 2000 bales from Rohri at Rs 8575/8850, 400 bales from Mirpur Mathelo at Rs 8850, 600 bales from Dherki at Rs 8900, 800 bales from Ghotki at Rs 8900, 4800 bales from Rahim Yar Khan at Rs 8800/8900, 2200 bales from Sadiqabad at Rs 8800, 4400 bales from Rajanpur at Rs 8500/8750, 400 bales from Alipur at Rs 8700, 200 bales from Hasilpur at Rs 8700, 200 bales from Fort Abbas at Rs 8700, 2200 bales from Yazman Mandi at Rs 8600/8700, 1600 bales from Bahawalpur at Rs 8600/8650, 1200 bales from Layyah at Rs 8600, 400 bales from Donga Bonga at Rs 8500, 400 bales from Faqirwali at Rs 8450/8500, 800 bales from Haroonabad at Rs 8500 and 600 bales from Vehari at Rs 8425/8475, they said.