Modest trade on cotton market

Rates held overnight levels on the cotton market amid modest trading, dealers said. The official spot rate was unchanged at Rs 8,900, they added. Prices of seed cotton in Sindh were at Rs 3700-4200, in the Punjab seed cotton prices were at Rs 3700-4300 and in Balochistan, rates of seed cotton were at Rs 3800-4300, they said. In the ready session, about 5,000 bales of cotton changed hands between Rs 8650-9100, they said.

According to the market sources, needy mills showed interest in fresh buying of lint cotton to meet their requirements. Commenting on the Pakistan Cotton Ginners Association (PCGA)'s strike, cotton analyst, Naseem Usman said that Association has called off strike on assurance of the concerned department to provide possible facilities.

Reports showing that the PCGA has demanded that the Federal Board of Revenue (FBR) should withdraw SRO 188. Rates of cotton were higher in India and prices moved both ways in other parts of globe, they said. The following deals reported: 800 bales of cotton from Khairpur at Rs 8650/8700, 400 bales from Ghotki at Rs 9100, 1000 bales from Rahim Yar Khan at Rs 9100, 800 bales from Sadiqabad at Rs 9100, 1200 bales from Tonsa Shrif at Rs 8775, 200 bales from Layyah at Rs 8700, 200 bales from Shujabad at Rs 8700 and 400 bales from Mian Channu at Rs 8676, they said.