By admin       2017-11-30

Selective buying was seen on the cotton market on Tuesday in the process of trading activity, dealers said. The official spot rate was unchanged at Rs 6,600, they said. In Sindh, seed cotton prices were same at Rs 2800-3350, in the Punjab, rates were at Rs 2800-3500, as per 40 kg, they said. Cotton analyst, Naseem Usman said that as a whole trading activity was modest in the absence of some leading buyers due to quality factor. Other experts said that to meet requirements, the spinners have booked about two million bales to import from other countries. Commenting on the selective buying, they also said that the ginners were not in favour of selling as they are anticipating that rates to go up in the coming days due to shortage problem. They also said that country may achieve around 11 million bales of cotton during the current season. Adds Reuters: ICE cotton settled lower on Monday on commercial hedge pressure, after hitting the highest level in about two and a half months earlier in the session. Cotton contracts for March settled down 0.51 cent, or 0.71 percent, at 71.42 cents per lb. It traded within a range of 71.19 and 72.39 cents a lb, its highest since September 11. Total futures market volume rose by 7,931 to 31,996 lots. Data showed total open interest gained 2,473 to 233,331 contracts in the previous session. The following deals reported: 400 bales of cotton from Sanghar at Rs 6150, 2000 bales from Saleh Pat at Rs 6550/6800, 1000 bales from Mianwali at Rs 7000, 400 bales from Rahim Yar Khan at Rs 7000, 1000 bales from Sadiqabad at Rs 7000, 400 bales from Bahawalpur at Rs 6600, 400 bales from Maroot at Rs 6675, 200 bales from Gojra at Rs 6475, 600 bales from Fazilpur at Rs 6750, 6000 bales from Khanpur at Rs 6950, 600 bales from Hasilpur at Rs 6550/6600, 800 bales from Yazman Mandi at Rs 6600 and 600 bales from Mian Channu at Rs 6550/6600, they said.

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