Mills took interest in fresh buying on the cotton market on Wednesday, dealers said. The official spot rate was unchanged at Rs 6,400, they said. In ready business, about 2500 bales of cotton sold between Rs 5635-6600, dealers said. Commenting on the latest development in the market, cotton analyst, Naseem Usman said that seed cotton arrivals and monsoon rains are expected early, but in Punjab rains and phutti arrivals may delay.
Other brokers said that mills were taking interest in buying on expectations of betterment in the deteriorating law and order situation in the country. According to the Reuters, in the New York cotton futures were soft on falling buying interest.
The following deals were reported: 315 bales of cotton from Nooriabad at Rs 5635, 711 bales from Rohri at Rs 6300, 1000 bales from Khairpur at Rs 6300-6400, 100 bales (exporters to mill) at Rs 6600, 300 bales of cotton from Gojra at Rs 6200, 400 bales from Bahawalpur at Rs 6250 and 500 bales from Mongi Bangla at Rs 6325, dealers said.