Cotton market: upward march continues

By admin       2016-07-20

A bullish trend persisted on the cotton market on Tuesday in the process of trading activity, dealers said. The official spot rate gained further Rs 50 to Rs 6450, dealers said. In Sindh seed cotton prices showed no change at Rs 3400 and 3500 per 40 kg, respectively, In Punjab, rates of phutti also inert at Rs 3400 and Rs 3600, they said.In ready business, more or less 6,000 bales of cotton changed hands between Rs 6650 and Rs 6900, they said. According to the market sources, some leading mills kept on the sideline due to higher rates, in the meantime, other mills continued buying of fine quality. Cotton analyst, Naseem Usman said that tight supply position helping rates to go up and it is most likely that present trend may continue in the near future.Reuters adds: ICE cotton futures snapped a six-day rally to settle slightly lower on Monday on weak demand for the natural fibre. The following deals were reported: 800 bales from Sanghar at Rs 6650-6700, 400 bales from Kotri at Rs 6675, 400 bales from Shahdadpur at Rs 6675, 1400 bales from Tando Adam at Rs 6675-6700, 600 bales from Mirpurkhas at Rs 6675-6700, 200 bales from Maqsoodo at Rs 6700, 200 bales from Nooriabad at Rs 6700, 400 bales from Alipur at Rs 6900, 800 bales from Burewala at Rs 6900, 200 bales from Vehari at Rs 6900 and 400 bales from Samundri at Rs 6900, dealers said.

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