Steady trend seen on cotton market

Steady trend was seen on the cotton market on Monday in the process of modest trading, dealers said. The official spot rate was higher by Rs 100 to 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 8290-8900, they said. According to the market sources, trading activity improved due to rising demand of fine type. Cotton analyst, Naseem Usman said that mills and spinners indulged in fresh buying of cotton to replenish their stock. In the meantime some cautious buyers were on the sidelines to observe latest developments.

During the last sessions, leading participants kept on the sidelines owing to rupee-dollar fluctuations. Last week, prices of cotton started coming down following the reports that Saudi Arabia okayed financial assistance to Pakistan, the news helped the local currency to recover modest ground in terms of the dollar. Other brokers said that the country would have to import nearly 4 million bales of cotton to meet their requirements.

NY cotton futures were firm in the international markets, they said.

The following deals reported: 400 bales of cotton from Shahdadpur at Rs 8500, 2000 bales from Nawabshah at Rs 8290/8300, 400 bales from Sakrand at Rs 8300, 800 bales from Tando Adam at Rs 8300/8700, 2000 bales from Khairpur at Rs 8550/8650, 1000 bales from Rohri at Rs 8700/8900, 1200 bales from Saleh Pat at Rs 8750/8800, 600 bales from Mirpur Mathelo at Rs 8850/8900, 600 bales from Khanpur Mehar at Rs 8850/8900, 800 bales from Dherki at Rs 8850/8900, 1000 bales from Ghotki at Rs 8850/8900, 1800 bales from Rahim Yar Khan at Rs 8800/8850, 1200 bales from Sadiqabad at Rs 8800/8850, 1000 bales from Chani Goth at Rs 8800, 200 bales from Jalalpur at Rs 8800, 1200 bales from Fazilpur at Rs 8750, 400 bales from Fort Abbas at Rs 8550, 3200 bales from Rajanpur at Rs 8750, 1000 bales from Shujabad at Rs 8725, 400 bales from Alipur at Rs 8700, 400 bales from Faqirwali at Rs 8500 and 200 bales from Haroonabad at Rs 8400, they said.