Pakistan: No activity seen on cotton markets


Karachi—No trading activity was witnessed on town markets together with cotton market, these days was the second inactive session during a week, dealers said on phone. Official spot rate by the Karachi Cotton Association (KCA) was unchanged at Rs 5300, they added. costs of seedcotton were unchanged in Sindh at Rs 1900-2350 and within the Punjab at Rs 2000-2650, they said. within the daily business in alternative components of the country, nearly 3000 bales of cotton modified hands between Rs 4500-5500,same as overnight rates they added.
Commenting on ensuing move by India, Naseem Usman said on phone that cotton traders were interested to grasp the choice by India and looking forward to some factor new and projective. News appeared that India is unlikely to permit contemporary cotton exports when ministers meet next week and should not carry the ban a minimum of till July, government and trade sources said.
The meeting on April three may approve just some of the two.5 million bales deals Earlier this month, India stopped contemporary cotton exports once a record nine.5 million bales were sold overseas, stepping back from a shock total ban, and said it’d review two.5 million bales already registered however not shipped. consistent with the Reuters the NY cotton futures fell on Friday on speculative selling sparked by higher-than-expected sowings during a report from the US Agriculture Department, analysts said.
The benchmark might contract on ICE Futures US fell zero.82 cent to trade at ninety two.72 cents per lb at 8:41 am EDT (1241 GMT). New-crop December dropped zero.59 cent to ninety.13 cents. the subsequent deals were reported: 600 bales of cotton from Rahim Yar Khan sold at Rs 5500, four hundred bales of cotton from Khan Pur at Rs 5300, 600 bales from Bahawal Pur at Rs 5355, a thousand bales from Rohri at Rs 4500 and four hundred a lot of bales from Saleh Pat at Rs 5400.—Agencies