Subdued business on cotton market

Trade activity came down slight on the cotton market on Friday owing to lack of buying interest, 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 10,000 bales of cotton changed hands between Rs 8200-9000, they said.

Market sources said that leading participants were on the sidelines due to political uncertainties in the country.

Cotton analyst, Naseem Usman said that trading activity may revive in the international market after likely ease of US-China trade war tension.

Besides, the Pakistan Cotton Ginners Association (PCGA) likely to release it's fortnightly figure shortly, other brokers said.

Cotton futures were higher in the international markets, they said.

The following deals reported: 1200 bales of cotton from Shahdadpur at Rs 8200/8400, 400 bales from Tando Adam at Rs 8400, 600 bales from Rohri at Rs 8700, 1200 bales from Saleh Pat at Rs 8750/8800, 400 bales from Sarhad at Rs 9000, 400 bales from Ghotki at Rs 8950, 1600 bales from Rahim Yar Khan at Rs 8850/8900, 1200 bales from Sadiqabad at Rs 8900, 1000 bales from Khanpur at Rs 8900, 200 bales from Khanewal at Rs 8650, 400 bales from Bahawalpur at Rs 8600/8650, 200 bales from Mian Chanu at Rs 8600, 600 bales from Haroonabad at Rs 8500/8550, 200 bales from Khairpur Taniawala at Rs 8490, 400 bales from Layyah at Rs 8475 and 600 bales from Burewala at Rs 8300, they said.