Cotton Market: Trade Activity Falls On Less Buying Interest By Mills

Cotton Market: Trade Activity Falls On Less Buying Interest By Mills
Volume of business came down on the cotton market on Monday as leading mills remained on the sideline in the process of trading, dealers said. The official spot rate was unchanged at Rs 6000, dealers said. Phutti rates in Sindh were at Rs 2700-3150 and in Punjab prices of Phutti improved at 3100-3250, as per 40 kg, they said. In ready business, over 23,000 bales of cotton changed hands between Rs 5600-6275, they said.
According to the market sources activity resumed on a slippery note under the influence of global downward trend, including the US and India. Cotton analyst, Naseem Usman said that the ginners indulged in panic selling following the rising prospects of bumper crop in cotton producing countries. Comfortable supply and falling demand causing slight decline in the prices, if supply accelerates, rates likely to show more weakness in the near future, other brokers said.
Reuters adds: India’s cotton exports in 2016/17 are likely to fall 28 percent from a year ago to 5 million bales as its top buyer Pakistan is set to halve purchases due to rising hostilities and improvement in its own production.
The following deals reported: 800 bales from Tando Adam at Rs 5600/5800, 3000 bales from Mirpurkhas at Rs 5900, 1400 bales from Nawabshah at Rs 5950/6025, 600 bales from Moro at Rs 6075, 4000 bales from Khairpur at Rs 6150/6175, 2000 bales from Rohri at Rs 6150/6175, 2000 bales from Saleh Pat at Rs 6150/6175, 400 bales from Alipur at Rs 6200, 600 bales from Kabirwala at Rs 6200, 1000 bales from Mianwali at Rs 6200, 600 bales from Bakhar at Rs 6200, 400 bales from Sharifabad at Rs 6200/6225, 600 bales from Tonsa Sharif at Rs 6225, 200 bales from Karoor Pacca at Rs 6225, 800 bales from Rajanpur at Rs 6230, 1000 bales from Haroonabad at Rs 6235/6250, 400 bales from Faqirwali at Rs 6250, 800 bales from Bahawalpur at Rs 6250, 400 bales from Chani Goth at Rs 6250, 800 bales from Hasilpur at Rs 6250, 400 bales from Layyah at Rs 6250, 400 bales from Khanpur at Rs 6275 and 600 bales from Rahim Yar Khan at Rs 6275, dealers said.