Mills and spinners kept on the sidelines on the cotton market due to prevailing uncertainties caused by coronavirus, dealers said. The official spot rate maintained overnight levels at Rs9000, they added. In the ready session, no deal was reported, dealers said.
The rate of seed cotton per 40kg in Sindh low quality was at Rs2800, while the best quality was unchanged at Rs4100, and in the Punjab prices of low quality were at Rs2800 while the fine type was available at Rs4600, they said. In Sindh, Binola prices per maund were at Rs1400-1800, in Punjab rates were at Rs1650-1800, they said and the rate of polyester fibre was at Rs170 per kg, they added.
Market sources said that the coronavirus is still not under control, spreading in the more countries. Naseem Usman said that if oil prices continue to decline, demand may increase for polyester fibre by millers. Rising trend in dollar’s rates versus the rupee likely to help in improving trading activity in days to come, he added
