Buying interest emerged on the cotton market on Wednesday ahead of decision on Panamagate case on Thursday, dealers said. The official spot rate unchanged at Rs 6750, they said. In ready session, over 5000 bales of cotton changed hands between Rs 6800 and Rs 7000, they said. According to the market sources, all eyes are set on decision on Panamagate case. They also said that a kind of uncertainty prevailed in the market before the verdict.
Cotton analyst, Naseem Usman said that the ginners who have very little stock with them, trying to get better profit, so that selling cotton stock but above the psychological levels. On the other hand, the spinners indulged in the renewed buying to replenish their stock, because indications are coming up that price to move higher in the coming days, other analysts said.
Late sowing, hot weather and shortage of water may cause late arrival of crop for the coming season, they said. Following deals reported: 400 bales from Yazman Mandi at Rs 6800, same figure from Bahawal Nagar at Rs 6850, 2400 bales from Rahim Yar Khan at Rs 6800-6925 and 2000 bales from the same station at Rs 7000.