Steadier trend was seen on the local market on Thursday as some leading buyers made buying of fine quality to replenish their stock, dealers said. The official spot rate was unchanged at Rs 8,800, they added. Prices of seed cotton in Sindh were at Rs 3000-4100, in the Punjab seed cotton prices were at Rs 3600-4100 and in Balochistan, rates of seed cotton were at Rs 3600-4400, they said.
In the ready session, about 12,000 bales of cotton changed hands between Rs 8500-9050, they said. According to market sources, mills took interest in buying of quality cotton to meet immediate requirement. Cotton analyst, Naseem Usman said that the mills and spinners did not show so much interest in fresh buying of cotton owing to lack of fresh developments on the economic front.
Other brokers said that yarn prices not picking up due to less buying interest, it appeared that the cotton market likely to move cautiously in the near future. Reports showing that rates of cotton were modestly higher in India and the rates were almost mixed in the international markets, they said. The following deals reported: 600 bales of cotton from Khairpur Mirus at Rs 8600, 1200 bales from Rohri at Rs 8700, 600 bales from Saleh Pat at Rs 8625/8700, 400 bales from Mirpur Mathilo at Rs 9000, 600 bales from Ghotki at Rs 9050, 1400 bales from Rahim Yar Khan at Rs 8975/9025, 400 bales from Sadiqabad at Rs 9025, 600 bales from Khanewal at Rs 9000, 1800 bales from Rajanpur at Rs 8750, 400 bales from Ahmedpur East at Rs 8750, 1200 bales from Haroonabad at Rs 8700, 400 bales from Bahawalpur at Rs 8700, 40 bales from Yazman Mandi at Rs 8650, 800 bales from Fort Abbas at Rs 8625 and 400 bales from Hasilpur at Rs 8500, they said.