By admin       2018-02-13

The local cotton market became active slightly on Monday as mills and particularly exporters rushed to replenish their stock, while prices remained steady like elsewhere in the world, dealers said. The official spot rate was unchanged at Rs 7,000, they added. In Sindh seed cotton prices improved with marginal gains at Rs 2500-3200 while in the Punjab, rates were at Rs 2400-3100, they said. In the ready session, nearly 11000 bales of cotton changed hands between Rs 5300-7250, they said. Cotton analyst, Naseem Usman said, in fact, short-covering by some spinners generated modest activity. Additionally, exporters' buying played an important role behind the firmness in rates, he said. He believes that the market to stay nearly sluggish as most of the mills were not taking interest in fresh buying due to lack of fine quality and poor off-take of yarn. Other experts observed that during the last several sessions, the market was lethargic. Besides, the ginners who were eager to dispose of their stocks, willingly selling their stocks at current prices, other brokers said. The following deals were reported: 200 bales of cotton from Mirpur Mathelo at Rs 7250, 400 bales from Dherki at Rs 7100, 400 bales from Khanpur Meher at Rs 7100, 6900 bales from Haroonabad at Rs 5300/6850, 1176 bales from Hasilpur at Rs 6800, 1000 bales from Faqeerwali at Rs 6400/6450, 800 bales from Yazman Mandi at Rs 6150, 600 bales from Marrot at Rs 6100 and 200 bales from Chichawatni at Rs 5300, they said.

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