Slow business activities were noticed in the Pakistani cotton market on the first day of the current week. The recorded official spot rate remained unchanged at Rs. 6200, said the officials. In terms of ready business, about 800 bales of cotton were sold at price rate of Rs. 6400. The price for the cotton seed in Sindh, Pakistan were about RS 3000-3200 and in Punjab phutti rates were at R 2900-3300. The numbers are dictated by official sources.
The market overall witnessed cautious buying attitudes as most of the buyers kept a sideline. The reason for this behaviour is said to be the rainy weather. Mr. Naseem Usman, the cotton analyst said that the buyers adopted wait-and-see mood owing to continued rains in the country. The following deals reported: 400 bales of cotton from Mirpurkhas sold at Rs 6400 and the same number of bales from Tando Adam were finalised at the same rates.
