Neither buyers nor sellers are taking much interest in the cotton market, dealers say. While the official spot rate was at Rs 9,100, not a single deal was reported over the weekend.
The rate of seed cotton per 40kg in Sindh was at Rs 2,800, while the best quality was unchanged at Rs 4,100, and in the Punjab prices of low quality were at Rs 2,800 while fine type was available at Rs 4,600.
Binola prices in Sindh were Rs 1,400-1,800 and in Punjab at Rs 1,650-1,800 while polyester fibre was at Rs 176 per kilogramme. Dealers say that local mills demand fine quality cotton despite the arrival of imported link, but the ginners are not ready to sell cotton as some quantity of cotton still remains unsold.
Cotton analyst, Naseem Usman says prices may not move sharply up in the near future due to short supply of best quality of cotton.
According to Reuters, cotton futures rose on Thursday (06-02-2020), after a weekly government report showed exports of the natural fibre hit a marketing-year high, but uncertainty surrounding the coronavirus epidemic in China limited gains.
March cotton settled up 0.4 cent, or 0.59%, at 67.91 cents per lb.
Total futures market volume fell by 2,731 to 45,776 lots. Data showed total open interest fell 2,804 to 247,438 contracts in the previous session.
