Cotton Market: Spinners Keen To Buy Better Quality Lint
The spinners were keen to buy better quality lint at the present levels on the cotton market on Saturday, dealers said. The official spot rate was unmoved at Rs 6150, dealers said. In Sindh, seed cotton prices were at Rs 2400-3200, they said. In Punjab, phutti rates were at Rs 3100 and Rs 3450, as per 40 kg, they added. In the ready session, over 26,000 bales of cotton changed hands between Rs 5975-6400, they said.
Some dealers said that the leading ginners were interested in selling at present level. In the meantime, cotton analyst, Naseem Usman said demand was strong from spinners for quality lint. It could not be confirmed officially but there are rumours that a ban on Indian cotton import, which encouraged ginners to hold their stock in expectations for better profit in the coming days, other analysts said. They observed that most of the trading was restricted to quality lint as leading spinners were keen to cover their short-run position.
Reuters adds: Cotton futures slipped to their lowest in over a week on Friday in lacklustre trading during an abbreviated session following the Thanksgiving holiday in the United States. The March cotton contract on ICE Futures US fell about 1.5 percent this week, marking the biggest decline since the week ended November 4. The cotton market closed early at 1 pm ET (1800 GMT) on Friday.
The following deals reported: 2000 bales from Khairpur at Rs 6050, 2400 bales from Rohri at Rs 6150-6250, 1000 bales from Salehpat at Rs 6200-6250, 800 bales from Ghotki at Rs 6350-6400, same figure from Dharki at Rs 6400, 200 bales from Khanpur Mehar at the same rate, 1400 bales from Mianwali at Rs 5975-6100, 400 bales from Mian Chano at Rs 6000, 600 bales from Burewala at Rs 6150, same figure from Layyah at Rs 6200, 1400 bales from Chistian at Rs 6250-6275, 600 bales from Bahawalpur at Rs 6300, 1800 bales from Faqirwali at the same rate, 3200 bales from Haroonabad at Rs 6300-6310, 400 bales from Fazilpur at Rs 6325, 600 bales from Rajanpur, 1400 bales from Fort Abbas all done at the same rate, 1200 bales from Dera Gazi Khan at Rs 6350, 1400 bales from Sadiqabad, 600 bales from Yazman Mandi all finalised at the same rate,, 1200 bales from Ahmedpur at Rs 6350-6400, 2000 bales from Rahim Yar Khan done at the same rate and same number from Khanpur at Rs 6400, dealers said