By admin       2018-03-14

No change was witnessed on the cotton market on Tuesday as spinners kept on the sidelines due to less buying interest, dealers said. The official spot rate was unchanged at Rs 7400, they added. In Sindh and Punjab prices were at Rs 2800-3100, they said.In the ready session, not a single deal reported till going to the Press, they said. Market sources said that the spinners did not take interest fresh buying as the ginners raised asking prices.Cotton analyst, Naseem Usman said that Indian cotton prices were down despite the third time downward revision by the Cotton Association of India (CAI). Whereas, there was no new development which could influence the trend in the coming days, he added.In the meantime, it is expected that the country may achieve better cotton production against the last year, other experts said. According to reports that India has cut royalties that local seed companies pay to Monsanto Co for the second time in two years, potentially fuelling another row with the US company that threatened to leave the South Asian country in 2016.India's farm ministry has decided to reduce royalties paid by Indian seed companies to Monsanto for its genetically modified (GM) cotton by 20.4 percent.

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