Rates maintained a firm posture on the cotton marketplace on Friday on continued buying of the best quality, traders said. The official spot price was unchanged at Rs 8,800, they added. In the start session, 5000 bales of cotton confirmed between Rs 7750-9000, they said. Rates of seed cotton in Sindh were at Rs 3000-3600 and in Punjab, seed cotton rates were at Rs 3000-3700, they said.
Market sources said that continued demand for good variety pushed the prices firm in the procedure of trading activity. Naseem Usman is the Cotton analyst who said that continued demand amid tight supply did not allow the prices to move any side and tight supply can push the prices to move higher, but with a minor pace. The state is going to attain nearly 10.9 million bales of cotton target according to his observation.
Cotton sowing is going fine in spite of the shortage of irrigation water, he said and adding that the rates of cotton will fluctuate modestly in the next coming days. In the world marketplace, cotton rates were mostly strong due to continued demand. Reuters adds: ICE cotton futures fell to a one-week low on Wednesday, weighed down by the strongest dollar, but positive export sales report from the US Department of Agriculture (USDA) limited further decay.
The front-month cotton agreement on ICE Futures US settled down 0.65 percent, or 0.83 percent, at 76.99 percent per lb. The agreement fell to its lowest level since April 4, at 76.87 percent per lb. Whole futures market volume rose by 5,042 to 55,908 lots. Data presented complete open interest fell 2,083 to 219,457 agreements in the previous session.
The following contracts reported: 900 bales of cotton from Hasilpur at Rs 8725, 634 bales from Nurpoor Nooranga at Rs 8375 and 200 bales from Adilpur at Rs 8800, from Ghotki at Rs 8900-9000, 600 bales from Khanpur at Rs 8950, 400 bales from Khanpur Mehar at Rs 9000, same figure from Sanghar at Rs 7750, 100 bales from Rahim Yar Khan at Rs 8900-9000, 400 bales they said.
