Small business was witnessed on the local cotton market on Monday ahead of the Pakistan Cotton Ginners Association (PCGA) weekly data, dealers said. The official spot rate was unchanged at Rs 8900, they added. In the ready session, only 1000 bales of cotton changed hands between Rs 8900-9000, dealers said. The rate of seed cotton per 40kg in Sindh low quality was at Rs 2800, while the best quality was unchanged at Rs 4100, and in the Punjab prices of low quality were at Rs 2800 while the fine type was available at Rs 4600, they said.
In Sindh, Binola prices per maund were at Rs 1400-1800, in Punjab rates were at Rs 1650-1800, they said and the rate of polyester fibre came down by Rs 3 to Rs 167 per kg, they said.
According to the market sources, locally, trading activity could not pick up in line with the global. They observed that leading buyers were not keen in fresh buying of cotton under the circumstances. Usually, both buyers and sellers adopted wait-and-see mood to analyse latest position.
Naseem Usman, cotton analyst said that the fall in oil prices in the world have pushed down the polyester fibre further at the present because of COVID-19.