Cotton market: rates firm on cautious buying by spinners
Prices almost unchanged on the cotton market on Saturday in the process of cautious buying by spinners, dealers said. The official spot rate did not move any side at Rs 5,300 dealers said. In Sindh, seed cotton prices were at Rs 2000-2200, and in Punjab prices at Rs 2300 and Rs 2900, they said. In the ready business, over 2,000 bales of cotton changed hands between Rs 4750-5500, they said.
According to the market sources, both spinners and mills were making deal to meet urgent requirements. Nothing was new as ginners were interested in selling the quality cotton at the higher rates and the spinners were also keen to lay hands over the fine quality but the fact is that quality cotton was short in demand, they observed. Recant rains in cotton belt, delaying early sowing and it is giving an impression that country may face shortage of cotton, other analysts said. Country will have to import cotton to meet demand, they added.
Reuters adds: Cotton trading on ICE Futures was closed on Friday for the Good Friday holiday. The following deals finalised: 700 bales of cotton from Lodhran at Rs 4750, 200 bales from Bahawalpur at Rs 5100, 600 bales from Mianwali at Rs 5200, 200 bales from Multan at the same rate and 400 bales from Hailspur at Rs 5500, they said.