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Thursday, March 28, 2024

Cotton market: Prices decline sharply on less demand and quality factor

Official spot rate continued falling trend for the second day on less demand and quality factor on the cotton market in process of subdued business. The official spot rate continued declining trend, losing more Rs 100 to 8,650. Prices of seed cotton in Sindh were at Rs 3000-4000, in the Punjab seed cotton prices were at Rs 3500-4100 and in Baluchistan, rates of seed cotton were at Rs 3600-4200.

In the ready session, about 9,000 bales of cotton changed hands between Rs 8200-8850. According to the market sources, mills and spinners were on the sidelines mainly because of low interest in fresh buying of lint cotton. They said that despite the fact that cotton production is short of demand, rates are coming down.

Sharing his opinion on the same issue, cotton analyst, Mr Naseem Usman said that quality of cotton is not available easily, it looks that the ginners were trying to save fine type cotton to gain profit. He also said that a heap of unsold cotton yarn was creating several problems for the spinners. Rates of cotton could not make any recovery in the global markets.

The following deals reported: 400 bales of cotton from Sakrand at Rs 8150/8250, 400 bales from Sakrand done at Rs 8200, same figure from Kotri finalised at the same amount, 1600 bales from Khairpur Mirus at Rs 8400-8600, 2000 bales from Rohri at Rs 8475-8600, 1000 bales from Saleh Pat at Rs 8600, 200 bales from Chichawatni at Rs 8425, 800 bales from Yazman at Rs 8400-8450, 1000 bales from Sadiqabad at Rs 8750-8800 and 800 bales from Rahim Yar Khan at Rs 8850.

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