Lean Business On Cotton Market As Mills Stay On The Sidelines

Lean Business On Cotton Market As Mills Stay On The Sidelines
A subdued activity was witnessed on the cotton market on Saturday as mills stayed on the sidelines to observe latest developments, dealers said. The official spot rate was unchanged at Rs 6,350, dealers said. In Sindh seed cotton prices were unchanged at Rs 3100 and Rs 3200 and in Punjab, phutti prices adopted the same pattern showing no change at Rs 3100 and Rs 3300 per 40 kg, respectively, they said.
In ready business, only 400 bales of cotton changed hands between Rs 6750 and Rs 6800, they said. Market sources said that in the late evening, nearly 2000 bales of cotton from Sindh finalised at Rs 6700. According to some brokers said that local market influenced by the international market. Cotton analyst, Naseem Usman said that mills and spinners were trying to analyse the next direction of the market in the absence of guiding factors.
Reuters adds: ICE cotton futures jumped more than one percent on Friday on dry weather concerns in West Texas, the top US producing region, and as the US dollar tumbled on disappointing economic data. The following deals were reported: 200 bales from Mian Chonu at Rs 6800 and same figure from Gamaha Raja at Rs 6750, dealers said.