Sluggish business on cotton market

Little business activity was seen on the cotton market on Saturday as most of the buyers were on the sidelines to observe latest position on the political front, 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 4,000 bales of cotton changed hands between Rs 8400-8950, they said. According to the market sources trading activity failed to pick up as leading buyers were on the sidelines despite settlement between the government and protesters.

Cotton analyst, Naseem Usman said that several ginning factories suspended their operations because of disturbance. Besides, the Pakistan Cotton Ginners Association (PCGA) issued fortnightly arrival figures at 77 lack bales, showing over 5 percent less against the last year, other brokers said.

Cotton futures were mixed in the international markets, they said. The following deals reported: 400 bales of cotton from Shahdadpur at Rs 8400, 1000 bales from Saleh Pat at Rs 8800-8850, 600 bales from Khairpur at Rs 8600, 600 bales from Sadiqabad at Rs 8950, 400 bales from Alipur at Rs 8800, 600 bales from Fort Abbas at Rs 8635, 400 bales from Khanewal at Rs 8600 and 200 bales from Chistian at Rs 8515, they said.