By the start of the first week of December 2017, the rates improved on the cotton market as mills indulged in renewed buying of lint cotton, dealers said. The official spot rate was unchanged at Rs 6,600, they said. In ready session, around 14000 bales of cotton changed hands between Rs 5600-6900, they said.
In Sindh, seed cotton prices were down by Rs 100 to Rs 2700-3200, in the Punjab, rates also followed same pattern, shedding same amount to Rs 2700-3300, as per 40 kg, they said. According to the market sources, some needy mills and spinners indulged in fresh buying of fine cotton. Supply position is good so, it is most likely that prices may show easier trend in days to come, they added.
Cotton analyst, Naseem Usman said that leading buyers were on the sidelines, but some needy did buying to cover forward buying. Adds Reuters: ICE cotton fell on Monday as investors took profits after the contract trudged into overbought territory, amid a stronger US dollar.
Cotton contracts for March settled down 0.7 cent, or 0.96 percent, at 72.58 cents per lb. It traded within a range of 72.5 and 73.35 cents a lb. Total futures market volume fell by 8,902 to 15,697 lots. Data showed total open interest gained 2,443 to 248,781 contracts in the previous session.
The following deals reported: 1000 bales of cotton from Rohri at Rs 6450/6650, 1200 bales from Saleh Pat at Rs 6500/6700, 1600 bales from Liaquatpur at Rs 6800/6900, 1800 bales from Khanpur at Rs 6850/6900, 200 bales from Hasilpur at Rs 6800, 1000 bales from M. P. Dewan at Rs 6750, 400 bales from Ahmedpur East at Rs 6700, 1800 bales from Bahawalpur at Rs 6500/6600, 400 bales from D. G. Khan at Rs 6600, 600 bales from Rajanpur at Rs 6600, 600 bales from Jalalpur at Rs 6575, 800 bales from Yazman Mandi at Rs 6500, 400 bales from Haroonabad at Rs 6000 and 2000 bales from Layyah at Rs 5600/6000, they said.