By admin       2018-09-26

Rates of cotton halted further decline on the local market on Tuesday in the process of trading activity, dealers said. The official spot rate held the overnight level at Rs 8100, they added. Prices of seed cotton in Sindh were at Rs 3700-3800, in the Punjab, rates at Rs 3500-3800 and in Balochistan, prices of seed cotton were at Rs 3800-3900, they said. In ready session, around 14,000 bales of cotton changed hands between Rs 7900-8275, they said. Some brokers said that influencing the global trend, the local cotton prices came under pressure and it looks that present condition likely to persist in the near future. Cotton analyst, Naseem Usman said that needy buyers were some active to replenish their stock. In the meantime, a kind of jitter persisted among traders, other experts said. To bring the economy on track, the new government is taking corrective measures, so, the whole nation, particularly, business community was facing a lot of challenges and difficulties under the circumstances, they said. According to the Reuters, the cotton growing western state of Gujarat has so far received 27 percent less rainfall than normal. In China, India cotton prices were mixed, whereas rates of cotton were down in the NY markets, they said. The following deals reported: 1200 bales of cotton from Shahdadpur at Rs 7925/8000, 1000 bales from Sanghar at Rs 7950/8000, 1600 bales from Tando Adam at Rs 7950/8050, 400 bales from Mirpurkhas at Rs 7900, 400 bales from Shahpur Chakar at Rs 8050, 600 bales from Sakrand at Rs 8050/8100, 600 bales from Maqsoodo Rind at Rs 8050/8100, 1000 bales from Nawabshah at Rs 8050/8100, 600 bales from Rohri at Rs 8125/8175, 600 bales from Saleh Pat at Rs 8200/8250, 1200 bales from Khairpur at Rs 8150/8200, 200 bales from Dera Ghazi Khan at Rs 8200, 400 bales from Fazilpur at Rs 8200/8275, 200 bales from Shujaabad at Rs 8250, 200 bales from Fort Abbas at Rs 8200, 400 bales from Rajanpur at Rs 8200, 200 bales from Shadan Lund at Rs 8200, 400 bales from Tonsa Sharif at Rs 8200, 600 bales from Yazman Mandi at Rs 8150/8200, 400 bales from Vehari at Rs 8075/8200, 200 bales from Ahmedpur East at Rs 8150 and 400 bales from Bahawal Nagar at Rs 8090/8150, they said.

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