By admin       2016-09-03

Falling trend persisted on the cotton market on Friday in the process of modest trade, dealers said. The official spot rate dropped further by Rs 100 to Rs 6,400, dealers said. In Sindh, seed cotton prices were unchanged at Rs 3000-3300 and in Punjab rates of Phutti, followed same trend, showing no change at Rs 2600-3200, per 40 kg, they said.In ready business, around 13000 bales of cotton changed hands between Rs 6300 and Rs 6650, they said. Market sources said that in the early session, prices showed softness due to reports of easy supply position. In the late evening prices started showing firmness in line with the world tract following the strong export sales report and Hurricane warning in parts of Florida; Madeline weakens off Hawaii, cotton analyst, Naseem Usman said. He also said that Hurricane may hurt cotton production and this factor likely to create shortage problem. Locally, he observed that concerns are growing about the quality due to recent spell of rains in the country.Reuters adds: Cotton futures surged about 4 percent on Thursday to register the biggest intraday percentage gain in about seven weeks on a strong export sales report, supported by a weaker dollar.The following deals were reported: 200 bales from Golarchi at Rs 6300, 200 bales from Kunri at Rs 6300, 400 bales from Kot Ghulam Muhammad at Rs 6350/6400, 600 bales from Khipro at Rs 6400, 800 bales from Jhole at Rs 6400/6450, 1400 bales from Mirpurkhas at Rs 6400/6450, 800 bales from Hyderabad at Rs 6400/6450, 2000 bales from Sanghar at Rs 6400/6500, 400 bales from Hala at Rs 6400/6450, 1600 bales from Shahdadpur at Rs 6400/6500, 400 bales from Sakrand at Rs 6450/6500, 1800 bales from Tando Adam at Rs 6450/6500, 200 bales from Chichawatni at Rs 6590, 200 bales from Samundri at Rs 6590, 200 bales from Vehari at Rs 6590, 200 bales from Bahawal Nagar at Rs 6650, 200 bales from Burewala at Rs 6650 and 200 bales from Kabirwala at Rs 6650, dealers said.

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