By admin       2016-08-22

Cotton prices picked up on sustained buying by mills and spinners on the cotton market on Saturday, dealers said. The official spot rate was higher by Rs 50 to Rs 6,550, dealers said. In Sindh, seed cotton prices were inert at Rs 3200-3400, in Punjab, Phutti rates were at Rs 3000-3400, per 40 kg, respectively, they said. In ready business, over 16,000 bales of cotton changed hands between Rs 6650 and Rs 6800, they said.Market sources said that sustained demand by spinners and mills did not allow prices to look down, instead maintaining present levels in the process of trading. Cotton analyst, Naseem Usman said that with the passage of time, quality is improving and flow of seed cotton gradually raising daily in-take.Other experts observed that an early report suggesting that country may be able to produce nearly 12 million bales of cotton this season.Besides, Naseem Usman said that the Cotton Crop Assessment Committee (CCIC) to meet next week to discuss about the cotton production figure. According to report, China imported 94,800 tonnes of cotton in July, down 10.2 percent year-on-year, the China Cotton Association said late on Thursday. Cotton imports fell 49.5 percent to 525,000 tonnes in the first seven months of this year, it said, citing customs data.Reuters adds: Cotton futures snapped two straight sessions of gains and fell on Friday on speculator liquidation ahead of the weekend amid a stronger dollar. The following deals were reported: 200 bales from Golarchi at Rs 6575, 800 bales from Jhole at Rs 6650-6800, 400 bales from Moro at Rs 6700, 200 bales from Tharo Shah at the same rate, 800 bales from Maqsoodo at Rs 6700-6750, 600 bales from Kotri, 800 bales from Hyderabad all finalised at the same rate, 2000 bales from Sanghar at Rs 6700-6800, same figure from Shahdadpur also done at the same rate, same number of cotton bales from Mirpurkhas at Rs 6750-6800, 4800 bales from Tando Adam at the same prices, 400 bales from Haroonabad at Rs 6750 and same number from Gojra also done at the same price, dealers said.

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