Selective buying seen on cotton market

Selective buying was witnessed on the cotton market on Wednesday in the process of trading, dealers said. The official spot rate was unchanged at Rs 8,650, they added. Prices of seed cotton in Sindh were at Rs 3600-4100, in the Punjab seed cotton prices were at Rs 3600-4200 and in Balochistan, rates of seed cotton were at Rs 3800-4300, they said.

In the ready session, over 20,000 bales of cotton changed hands between Rs 8300-8950, they said. Cotton analyst, Naseem Usman commenting on the latest position said that it looks that mills and spinners were waiting for some new developments after anticipated rise in the oil prices.

Other brokers said that mills have already covered their short position despite higher rates, they are making deals cautiously. NY cotton futures drifted lower in the international markets, they said.

The following deals reported: 400 bales of cotton from Shahdadpur at Rs 8500, 400 bales from Nawabshah at Rs 8300, 2000 bales from Khairpur Mirus at Rs 8600, 1000 bales from Saleh Pat at Rs 8750-8800, 1400 bales from Rohri at Rs 8700, 3000 bales from Rahim Yar Khan at Rs 8850-8950, 3000 bales from Sadiqabad at Rs 8900-8950, 600 bales from MP Deewan at Rs 8750, 2200 bales from Yazman Mandi at Rs 8650, 1400 bales from Bahawalpur at the same rate, 2200 bales from Haroonabad at Rs 8500-8550, 400 bales from Chistian at Rs 8500, 600 bales from Faqirwali also done at the same rate and 600 bales from Vehari at Rs 8424-8475, they said.