Spot rate down by Rs 100 at Rs 5,400 on cotton market

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Official spot rate was lowered on the cotton market on Tuesday in process of trading, dealers said.

The official spot rate was lowered by Rs 100 to Rs 5,400, they said.

Prices of seedcotton in Sindh were at Rs 1800-2350 and in the Punjab at Rs 2000-2600, they said.

In ready dealings about 11,000 bales of cotton changed hands at Rs 4,300-5600, they added.

According to the market sources the mills and exporters were buying cotton but keepin in view the quality factor.

In the absences of foreign buyers’ participation in daily business, local traders are in lethargic mood, waiting for decision of the Economic Co-ordination Committee (ECC) meeting about the procurement rates of the cotton, but meeting could not be held due to unavoidable reason, brokers said.

The traders were facing a lot of problems owing to poor law and order situation and falling business activity in the country, other analysts said.

Most of the Asian markets will be closed during the week for the lunar New Year holidays, so investors in India and Pakistan were on the sidelines due to lack of fresh leads, experts said.

The following deals were reported: 400 bales of cotton from Tando Adam sold at Rs 4300, 400 bales of cotton from Mir Pur Khas at Rs 4300, 400 bales of cotton from Dadu at Rs 5100, 400 bales of cotton from Saleh Pat at Rs 5500, 1000 bales of cotton from Haroonabad at Rs 5200/5225, 2400 bales of cotton from Fort Abbas at Rs 5400, 400 bales of cotton from Vehari at Rs 5400, 400 bales of cotton from Kabir Wala at Rs 5500, 200 bales of cotton from Tonsa Sharif at Rs 5500, 400 bales of cotton from Sadiqabad at Rs 5500, 200 bales of cotton from Mubarik Pur at Rs 5500, 1200 bales of cotton from Mian wali at Rs 5500/5600, 800 bales of cotton from Noor Pur at Rs 5600, 1400 bales of cotton from Ahmed Pur at Rs 5600, 1600 bales of cotton from Rahim Yar Khan at Rs 5600.

Source: http://www.brecorder.com/cotton-a-textiles/single/625/185/1143999/

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