By admin       2016-09-07

Trade activity improved on the cotton market on Tuesday as mills indulged in forward buying due to lower rates ahead of Eid-ul-Azha holidays, dealers said. The cotton market opened the official spot rate lost further Rs 150 to Rs 6,050, dealers said. In Sindh, seed cotton prices were lower by Rs 100 to Rs 2800-3000 and in Punjab rates of Phutti were unchanged at Rs 2500-3000, as per 40 kg, they said.In ready business, around 20,000 bales of cotton changed hands between Rs 5900 and Rs 6300, they said. Market sources said that estimates of higher cotton production by most of the cotton producing countries heavily weighted against the sentiment. Just within a week, cotton prices dropped nearly Rs 800 and rates are still on decline mainly because of higher estimate for cotton output, they said.Slow demand for cotton yarn also keeping spinners away from the market, they added. Cotton analyst, Naseem Usman said that the Cotton Crop Assessment Committee (CCAC) in the meeting, estimated for current cotton production at 11.272 million bales, the figure is lower against the last figures.The following deals were reported: 3000 bales from Shahdadpur at Rs 5900/6200, 1600 bales from Mirpurkhas at Rs 6000/6100, 2600 bales from Sanghar at Rs 6000/6100, 800 bales from Khipro at Rs 6000/6100, 1200 bales from Kotri at Rs 6000/6100, 1600 bales from Hyderabad at Rs 6000/6100, 2200 bales from Tando Adam at Rs 6000/6200, 200 bales from New Saeedabad at Rs 6100, 600 bales from Moro at Rs 6100, 400 bales from Sakrand at Rs 6100/6150, 1000 bales from Nawabshah at Rs 6100/6150, 200 bales from Burewala at Rs 6100, 400 bales from Chistian at Rs 6100/6275, 400 bales from Samundri at Rs 6165/6200, 400 bales from Haroonabad at Rs 6200, 200 bales from Alipur at Rs 6200, 200 bales from Bahawal Nagar at Rs 6200, 400 bales from Mian Chano at Rs 6200, 600 bales from Hasilpur at Rs 6200/6300 and 200 bales from Vehari at Rs 6275, dealers said.

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