Prices firmly held the present levels on sustained buying by mills and spinners, dealers said on cotton market on Thursday. The official spot rate was unchanged at Rs 6450, they said. In the ready session over 16,000 bales of cotton changed hands between Rs 6500-6700, they said. In Sindh, seed cotton rates were at Rs 2900-3100 per 40 kg, they said. In the Punjab, phutti prices were at Rs 2900-3200, they said.
According to the market sources, Cotton Crop Assessment Committee (CCAC) in it's meeting revised cotton crop production for 2017-18 downward to 12.6 million bales (170 kg per bale) from 14.4 million bales earlier. Cotton analyst, said that reports from the cotton field indicating that there are some signs of pest attack but not so severe. They also said that farmers and growers should continue spray according to need.
They, however, observed that in the evening session, prices turned lower as a result of pressure selling by ginners. The ginners came under pressure due to rise in arrivals but it seems that selling pressure could be short-lived, they added. The ginners could not get profits last year owing to fall in demand by mills, they said.
(Source : Business Recorder)