Modest trading activity witnessed on cotton market

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From International Desk - Special Reports

Modest activity was seen on the cotton market Thursday in process of trading, dealers said.
Official spot rate was unchanged at Rs 5850, they added.
Prices of seedcotton in Sindh low type was up by Rs 100 to Rs 2100 and better type was unchanged at Rs 2400.
The Punjab cottonseeds inferior quality was higher by Rs 100 to Rs 2200 and best type did not show any change at Rs 2800, they said.
Over 3000 bales of cotton changed hands between Rs 3900-6000, they said.
According to the market sources, activity came down slightly mainly because higher trend as the ginners were not interested in bring down prices in expectations of rise in the rates.
Exporters and mills both were choosy and try to buy good quality in an effort to meet the buyers' demand both in local and international market, they said.
According to the Reuters, the NY cotton futures settled higher for the second straight day on investor short-covering, as the market rebounded from a one-month low on Monday, with traders saying the momentum should boost fiber contracts in the days ahead.
The July cotton contract on the ICE Futures US exchange rose 1.77 cents or 2.01 percent to finish at 90.02 cents per lb, dealing from 88.24 to 92.25 cents.
On Monday, the market closed at its lowest since March 20, according to Thomson Reuters data.
On a benchmark basis, the spot contract has remained trapped in a range between 87 and 94 cents since the start of March, Thomson Reuters data showed.
Wednesday's estimated volume was slightly more than 40,400 lots, some two thirds above the 30-day norm, according to Thomson Reuters data.
The following deals were reported: 100 bales of cotton from Tando Adam (low quality) at Rs 3900, 200 bales from Shahdad Pur at Rs 4500, 400 bales of cotton from Rohri at Rs 6000, 100 bales from Burewala at Rs 5100, 200 bales from Mamoo Kanjan at Rs 5200, same figure from Kabir wala at Rs 5500, 400 bales of cotton from Multan at Rs 5600-6000, same figure from Hasil pur at S 5600, same number from Lodhran at Rs 5800, 300 bales from Khanewal at the same rate, 200 bales of cotton from Mailsi at Rs 5900 and 400 bales of cotton from Chichawatni at Rs 6000, they said.
Courtesy: brecorder

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