Home Cotton Mills indulge in buying of fine quality cotton

Mills indulge in buying of fine quality cotton

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Mills indulged in buying of fine quality on the cotton market on Tuesday to meet their urgent requirements, dealers said.

The official spot rate unchanged at Rs 8,600, they added. In the ready session, approximately, 11,000 bales of cotton changed hands between Rs 7000-8800, they said.

Prices of seed cotton in Sindh were at Rs 3000-3500, in Punjab seed cotton prices at Rs 3000-3600 and in Balochistan prices were at Rs 3200-3500, they said.

Commenting on the performance of the cotton market, they said that in fact traders were not in a position to make a decision regarding new deals because of disturbing situation on the border with India.

Apparently, it appeared that tension has decreased between Indian and Pakistan, despite this, people are fearful for any ugly situation at the LoC, they observed.

Demand for cotton yarn is not lifting from the bottom side for a long time, which is causing disturbance among the traders.

Adds Reuters: ICE cotton futures fell nearly 1 percent, pressured by speculative selling and weaker demand, while a slide in the equity markets added to the downbeat sentiment.

The most active cotton contract on ICE Futures US, the May contract, settled down 0.72 cent, or 0.97 percent, at 73.13 cents per lb.

Total futures market volume rose by 3,059 to 25,667 lots. Data showed total open interest gained 1,097 to 223,246 contracts in the previous session.

The following deals were reported: 6600 bales of cotton from Rahim Yar Khan at Rs 8200/8800, 200 bales from Tonsa Shareef at Rs 8600, 1200 bales from Mianwali at Rs 8100, 200 bales from Kasowaal at Rs 8000, 400 bales from Ahmedpur East at Rs 8000, 400 bales from Burewala at Rs 8000, 200 bales from Lodhran at Rs 8000, 1400 bales from Khanewal at Rs 7950, 1200 bales from Haroonabad at Rs 7400/7700 and 400 bales from Pir Mehal at Rs 7000, they said.

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