Spinners Avoid Big Deals
Business activity slowed down further on the cotton market on Thursday as several spinners avoided big deals on quality factor, dealers said. The official spot rate was unchanged at Rs 6250, dealers said. In Sindh, seed cotton prices were at Rs 2600-3250, they said that in Punjab, phutti rates were at Rs 2800 and Rs 3500, as per 40 kg, they added. In the ready session, over 8,000 bales of cotton changed hands between Rs 5600-6500, they said.
According to the market sources, most of the leading buyers preferred to abstain owing to slow off-take of yarn and textile products. Cotton analyst, Naseem Usman said that most of the spinners, who have covered the long position, avoiding building up their cotton inventories.
Adds Reuters: ICE cotton futures rose over 1 percent on Wednesday to snap a three-day losing streak, buoyed by short-covering amid an easing dollar. The March cotton contract on ICE Futures US recorded the biggest one-day percentage gain since December 12 rising 1.14 percent to 70.13 cents per lb. March cotton contract on ICE Futures US settled up 0.79 cent, or 1.14 percent, at 70.13 cents per lb. It traded within a range of 69.34 and 70.92 cents a lb.
The following deals reported: 600 bales from Shahdadpur at Rs 5600/5750, 400 bales from Sanghar at Rs 5900, 1000 bales from Rohri at Rs 6200/6250, 1000 bales from Salehpat at Rs 6200/6250, 1000 bales from Mianwali at Rs 6000/6250, 600 bales from Haroonabad at Rs 6300/6350, 400 bales from Chani Goth at Rs 6450, 600 bales from Khanpur at Rs 6450, 2000 bales from Sadiqabad at Rs 6450/6500 and 1000 bales from Rahim Yar Khan at Rs 6500, dealers said.