By admin       2017-01-27

Trade activity came down on the cotton market on Thursday as mills preferred to stay on the sidelines as the ginners were not ready to oblige them due to little stock of quality lint with them, dealers said.The official spot rate gave up overnight gains, shedding Rs 50 to Rs 6500, dealers said. In Sindh, seed cotton prices were at Rs 3100-3450, they said. In Punjab, phutti rates were at Rs 3100 and Rs 3650, as per 40 kg, they added.In the ready session, over 6,000 bales of cotton changed hands between Rs 6150 and Rs 6700, they said.Rising trend in the global market failed to influence the local market in the absence of some leading buyers' and sellers' interest, experts said.Most of the ginners did not take interest in lowering the rates, whereas the leading spinners were also not keen to pay above the psychological levels, they said.Other analysts observed that some needy spinners indulged in cautious buying to meet urgent requirements.Cotton analyst, Naseem Usman said that leading buyers were satisfied and busy after the announcement of different incentive packages by the government. It has no doubt that relief packages to the textile sector induced a positive sentiment in the beginning sessions of the week, he noted.Adds Reuters: ICE cotton futures edged higher on Wednesday, after notching their biggest one-day percentage loss in over a month in the previous session, supported by speculative buying and a weaker US dollar.The March cotton contract on ICE Futures US settled up 0.31 cent, or 0.42 percent, at 73.88 cents per lb. It traded within a range of 73.14 and 74.17 cents a lb.The following deals reported: 400 bales from Mirpurkhas at Rs 6150, 600 bales from Sanghar at Rs 6150, 257 bales from Peer Mahal at Rs 6400, 755 bales from Kassowal at Rs 6450, 1400 bales from Maitla at Rs 6500, 445 bales from Khanewal at Rs 6550, 400 bales from Fort Abbas at Rs 6650, 1000 bales from Bahawal Nagar at Rs 6700, 400 bales from Yazman Mandi at Rs 6700, 400 bales from Faqeerwali at Rs 6700 and 400 bales from Haroonabad at Rs 6700, dealers said.

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