Restricted buying was again witnessed on the cotton market on Saturday the ginners have little stock of lint cotton which kept the mills and spinners away from big deals, dealers said. The official spot rate was unmoved at Rs 7500, they added. In both Sindh and Punjab, seed cotton prices were at Rs 2800-3100, they said. In the ready session, prices also gained momentum as over 4000 bales of cotton changed hands between Rs 6375-7500, they said.
According to the market sources, thin business was again seen as sellers were not able to provide fine quality lint. They also said that market would keep witnesses slow activity as the present season is set to close. The market observed reports of improvement in supply of irrigation water and some rains in both Sindh and Punjab, they said.
After fresh rains in the cotton belt as an encouraging sign for crops, they observed and said that prices maintained a firm posture during the week. Other analysts observed that if China-US trade war settled down, the prices may not go up sharply in the next days. Besides, the government must ensure supply of cotton seeds to improve cotton production in the coming days, cotton analyst, Naseem Usman said. In the international markets cotton prices were mixed during the session, they said.
The following deals were reported: 400 bales of cotton from Rahim Yar Khan at Rs 7500, 1100 bales from Vehari at Rs 6600, 600 bales from Layyah at Rs 6900, 200 bales from Yazman at Rs 6650, 400 bales from Alipur at the same rate, 800 bales from Tonsa at Rs 6700 and 600 bales from Fort Abbas at Rs 6375, they said.