By admin       2018-02-16

Dullness prevailed on the cotton market on Thursday as major buyers kept on the sidelines in the absence of motivating factors, dealers said. The official spot rate was unchanged at Rs 7,000, they added. In Sindh and the Punjab, seed cotton prices fell down modestly at Rs 2400-3000, they said. In the ready session, only one deal of 400 bales of cotton from Rahim Yar Khan was finalised at Rs 7000, they said. According to the market sources leading mills have bought a huge stock of fine quality of cotton. Some needy buyers were in the arena but not taking interest in fresh deals due to quality factor. Sharing the same views, cotton analyst, Naseem Usman said that falling trend in the international market is also a factor behind the slow business in the local market. Besides, huge stock of unsold cotton yarn is creating a big problem for the local textile industry, he added. Smuggled cotton yarn from India and China pushing the prices further down, other brokers said. In China markets were closed owing to Luner year holidays, dealers said. Adds Reuters: The New York cotton futures remained lower on Wednesday.

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