By admin       2018-03-23

Dollar's sharp gains propelled ginners to refrain from new deals on the cotton market on Thursday in the process of slow trading activity, dealers said. Official spot rate was higher by Rs 100 to Rs 7600, they added. In both 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 6450-8000, they said. According to the market sources, dollar's appreciation forced mills and spinners to stay away from new deals. Cotton analyst, Naseem Usman said that exports of value-addition products showed rise during the last eight months. Demand for cotton yarn is also improved, other analysts said. Recent surge in world cotton prices also influenced local trading as many spinners preferred to finalise deals at current rates, experts said. Shortage of water in lower Sindh continues may hamper cotton sowing in the coming days, they said. Growers and farmers are complaining for non-availability of irrigation water and said that if no immediate action is taken, the next crop will suffer badly. Adds Reuters: Cotton prices showed mixed trend in the world markets. The following deals reported: 600 bales of cotton from Moro at Rs 6525, 200 bales from Yazman Mandi at Rs 6450, 400 bales from Shadan Lund at Rs 7000, 200 bales from R.Y.K at Rs 8000 and 600 bales from Lodhran at Rs 6600, they said.

Download App

# #

Member Login