Karachi Cotton market remains closed due to disturbances after political workers killing

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From International Desk - Special Reports

The law and order situation on Tuesday in the city forced the traders to keep shutters down of commercial centres including cotton market.

in the meantime, some deals in the Punjab were reported, Naseem Usman said on phone.

No Daily Market Report (DMR) was issued by the Karachi Cotton Association (KCA).

Some dealers also said on phone that prices of seedcotton in Sindh were inert at Rs 1900-2300 and in the Punjab at Rs 1800-2600.

In the daily business, nearly 1400 bales of cotton changed hands between Rs 5400-5500, Naseem said.

Falling demand by importing countries, caused little business, it looks that the prices may not depict sharp fluctuations in the near future, he said.

According to the Reuters, the NY cotton futures finished on Monday at a three-week high on chart-based speculative buying plus possible consumer buying and the market could continue higher, analysts said.The benchmark May contract on ICE Futures US rose 1.28 cents, or 1.43 percent, to end at 90.91 cents per lb, dealing from 89.36 to 91.01 cents.

It was the loftiest close on the spot cotton contract since March 7 Volume traded on Monday amounted to slightly over 20,300 lots, about 15 percent under the 30-day norm, Thomson Reuters data showed.

The following deals were reported: 800 bales of cotton from Rahim Yar Khan sold at Rs 5500 and 600 bales of cotton from Sadiqabad at Rs 5400.

Courtesy: Business Recorder

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