On Tuesday, 30th May 2017, the prices remained firm in the cotton market trading activities, said the dealers. Moreover, the official spot rate remained unchanged with the price rate of Rs. 6850. In the ready session, about 3000 bales of the cotton move from one hand to another with the price fluctuation of Rs 6775 to Rs 7200, said the sources.
According to the market sources, the spinners took an active part in the purchase of fine quality, at the time when ginners with a little stock of unsold cotton were not much interested in selling the products because the prices were not matching their psychological levels. In the last session, some of the leading spinners preferred to stay on a side, however, seemed interested in meeting their urgent needs. According to the cotton analyst, Mr. Naseem Usman, the spinning mills with no gas connection are affected much, because of the electricity load shedding.
At the time when the load shedding is having a negative impact on the business, the weather is favorable to stand cotton crop and help the country meet the predictive cotton production level, in the current season. Huge stock of yarn is causing the financial problem for the traders, he added. The following deals reported as 1000 bales of cotton from Haroonabad sold at Rs 7200, 756 bales from Jatoi at Rs 6800 and 1400 bales from Alipur at Rs 6775, said was so by the officials.
