By admin       2016-10-05

A steady trend was witnessed on the cotton market on Tuesday in the process of hectic trading, dealers said. The official spot rate was unchanged at Rs 5950, dealers said. In Sindh, seed cotton prices were at Rs 2900-3150 and in Punjab rates of Phutti were at Rs 2800-3150, as per 40 kg, they said. In ready business, around 25,000 bales of cotton changed hands between Rs 5810 and Rs 6200, they said.Some brokers said that prices resisted further decline as mills continued buying to cover their requirements. They also said that the local market is moving in line with the global track. Cotton analyst, Naseem Usman said that rates were firm amid higher flow of seed cotton. In fact, continued buying by mills helped the rates to hold present levels, he observed. If proper spray of pesticides was not applied to save crop from different viruses, it is most likely that standing crop may damage by white fly attack, other experts said.Adds Reuters, cotton futures on Monday marked their biggest intra-day percentage gain in nearly two weeks, supported by a rally in the grains markets and concerns that hurricane Matthew may hit the cotton producing belt of North Carolina.The following deals were reported: 400 bales from Khipro at Rs 5810, 1000 bales from Tando Adam at Rs 5800/6000, 1000 bales from Sanghar at Rs 5850/5900, 1000 bales from Shahdadpur at Rs 5900/6000, 400 bales from Jam Sahab at Rs 6100, 1000 bales from Nawabshah at Rs 6100, 400 bales from Moro at Rs 6100, 2600 bales from Rohri at Rs 6150/6200, 2800 bales from Khairpur at Rs 6175/6190, 400 bales from Deepalpur at Rs 6125, 400 bales from Pak Pattan at Rs 6125/6175, 600 bales from Ghaziabad at Rs 6175, 400 bales from Mongi Bangla at Rs 6175, 200 bales from Shoorkot at Rs 6185, 2400 bales from Burewala at Rs 6175/6200, 600 bales from Pir Mahal at Rs 6200, 200 bales from Mianwali at Rs 6200, 800 bales from Tonsa Sharif at Rs 6200, 200 bales from Ahmedpur at Rs 6200, 800 bales from Alipur at Rs 6200, 600 bales from Bahawal Nagar at Rs 6200, 200 bales from Bakhar at Rs 6200, 1600 bales from Chichawatni at Rs 6200, 1000 bales from Chistian at Rs 6200, 200 bales from Dera Ghazi Khan at Rs 6200, 200 bales from Fort Abbas at Rs 6200, 400 bales from Haroonabad at Rs 6200, 1200 bales from Khanewal at Rs 6200, 600 bales from Layyah at Rs 6200, 200 bales from Lodhran at Rs 6200, 200 bales from Mian Chanu at Rs 6200, 1000 bales from Rajanpur at Rs 6200, 400 bales from Vehari at Rs 6200, 600 bales from Yazman Mandi at Rs 6200 and 400 bales from Shujabad at Rs 6200, dealers said.

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