Steady trend was witnessed on the cotton market on Thursday in the process of modest 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, around 13,000 bales of cotton changed hands between Rs 8300-8950, they said.
According to the market sources, falling trend in the global market impact the local prices, but it looks that prices may improve in the near future. Sharing the same view, cotton analyst, Naseem Usman said that the expected cotton production is short of demand and latest positive developments on the economic front may help in reviving the demand just to meet exports consignments. NY cotton futures moved both ways, while rates came down in other parts of the world, they said.
The following deals reported: 400 bales of cotton from Shahdadpur at Rs 8400, 400 bales from Sanghar at Rs 8500, 1000 bales from Nawabshah at Rs 8300/8400, 600 bales from Ghotki at Rs 8950, 1600 bales from Khairpur at Rs 8550/8660, 300 bales from Sadiqabad at Rs 8850/8900, 1600 bales from Rahim Yar Khan at Rs 8850/8900, 600 bales from Chani Goth at Rs 8750, 800 bales from Ahmedpur East at Rs 8700, 400 bales from Alipur at Rs 8700, 800 bales from Rajanpur at Rs 8700, 600 bales from DG Khan at Rs 8650, 800 bales from Bahawalpur at Rs 8625, 2000 bales from Fort Abbas at Rs 8600, 400 bales from Faqirwali at Rs 8500, 400 bales from Mianwali at Rs 8575, 400 bales from Haroonabad at Rs 8500 and 200 bales from Layyah at Rs 8400, they said.