By admin       2018-03-21

Trading activity slowed down on the cotton market on Tuesday as the ginners indulged in cautious selling after sharp gain in dollar's value against the rupee, dealers said. Official spot rate was unchanged at Rs 7500, they added. In Sindh and Punjab seed cotton prices were at Rs 2800-3100, they said. In the ready session, over 2000 bales of cotton finalised between Rs 5800-7400, they said. According to the market sources, the ginners adopted a wait-and-see attitude following sharp fall of the rupee versus the dollar Cotton analyst, Naseem Usman said that the sellers preferring to keep on the sidelines for better profit in days to come. In the meantime, some needy spinners were keen to finalise deals at the present level, he added. Dwindling stock and shortage of lint cotton were creating uncertainties among the spinners, other brokers said. Adds Reuters: The cotton prices moved both ways in the international market. The following deals reported: 1000 bales of cotton from Sanghar at Rs 5800/6000, 708 bales from Vehari at Rs 6400, 400 bales from Burewala at Rs 6300 and 200 bales from Shahar Sultan at Rs 7400, they said.

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