Cotton Market: Sustained Buying By Mills Fails To Arrest Rate Slide

Cotton Market: Sustained Buying By Mills Fails To Arrest Rate Slide
A sustained buying by mills and spinners failed to stop decline in prices on the cotton market on Monday in the process of trading, dealers said. The official spot rate was down by Rs 100 to Rs 6050, dealers said. In Sindh, seed cotton prices were down at Rs 2900-3150 and in Punjab rates of Phutti were at Rs 2800-3150, as per 40 kg, they said.
In ready business, around 30,000 bales of cotton changed hands between Rs 5950 and Rs 6300, they said. Market sources said that recent rains in Punjab are a positive development because it will help to kill whitefly in standing crop. Cotton analyst, Naseem Usman said that prices rebound in the NY cotton and China markets likely to boost rates in the local markets.
He also said that if the current crisis in the textile industry was not resolved by the government it may not only cause of more closure of units but would also adversely affect exports which are already falling rapidly. Under the circumstances, the ginners keen to sell cotton due to attractive prices and rise in Phutti arrivals from Punjab, other analysts said.
The following deals were reported: 400 bales of cotton from Kunri sold at Rs 6000, 1800 bales from Mirpurkhas at Rs 5950/6000, 1000 bales from Hyderabad at Rs 6000/6050, 3000 bales from Shahdadpur at Rs 6000/6100, 2600 bales from Tando Adam at Rs 6000/6100, 2000 bales from Sanghar at Rs 6000/6100, 600 bales from Maqsoodo at Rs 6100/6125, 1000 bales from Moro at Rs 6100/6150, 2600 bales from Nawabshah at Rs 6150, 6000 bales from Khairpur at Rs 6150/6250, 200 bales from Arifwala at Rs 6150, 400 bales from Sahiwal at Rs 6200, 400 bales from Bahawalpur at Rs 6200, 1000 bales from Burewala at Rs 6200/6225, 600 bales from Faqirwali at Rs 6200/6225, 400 bales from Fort Abbas at Rs 6200/6225, 800 bales from Haroonabad at Rs 6200/6250, 1200 bales from Vehari at Rs 6200/6250, 800 bales from Chichawatni at Rs 6200/6250, 600 bales from Mian Chano at Rs 6200/6250, 1100 bales from Hasilpur at Rs 6200/6275, 200 bales from Kassowal at Rs 6250, 200 bales from Layyah at Rs 6275 and 200 bales from Mianwali at Rs 6300, dealers said.