Trading activity came down on the local cotton market on Friday as prices resisted fresh decline following the reports of recovery in the international market, dealers said. The official spot rate held the overnight levels at Rs 5050, they added. In the ready session, around 12,000 bales of cotton changed hands between Rs 5000 and Rs 5350, they said. In Sindh, rates were at Rs 2300 and Rs 2450, in Punjab prices were at Rs 2200 and Rs 2500, they said.
According to the market sources, prices were almost unchanged because leading buyers were on the sidelines as reports appeared that China imported US cotton, which pushed the NY cotton futures higher in the early session on Friday. Cotton analyst, Naseem Usman said that the ginners stopped panic selling to observe latest development, most of them were hoping for modest rise in the rates in the local market.
Reuters adds: New York cotton futures fell to a five-year low on Thursday as worries over China’s import demand in 2015 because of policy changes offset a strong weekly US government export report. The most-active December cotton contract on ICE Futures US closed down 0.17 cent, or 0.3 percent, at 61.40 cents a lb after dropping as low as 60.83 cents.
The following deals reported: 600 bales from Shahdadpur at Rs 5000, 200 bales from Nawabshah at Rs 5150, 200 bales from Bandhi at Rs 5200, 800 bales from Vindar at Rs 5200, 1000 bales from Khairpur at Rs 5150-5200, 2000 bales from Upper Sindh at Rs 5150-5200, 200 bales from Faqirwali at Rs 5100, 200 bales from Jahania at Rs 5100, 200 bales from Dahranwala at Rs 5100, 200 bales from Kachiwala at Rs 5100, 800 bales from Pak Pattan at Rs 5150, 200 bales from Hasilpur at Rs 5150, 800 bales from Vehari at Rs 5200, 400 bales from Mian Chano at Rs 5200, 600 bales from Burewala at Rs 5200, 200 bales from Gaggo Mandi at Rs 5200, 800 bales from Haroonabad at Rs 5200, 600 bales from Khanewal at Rs 5200, 200 bales from Sahiwal at Rs 5200, 800 bales from Chichawatni at Rs 5200-5300, 400 bales from Bakhar at Rs 5200, 200 bales from Rajanpur at Rs 5250, 400 bales from Fort Abbas at Rs 5250 and 400 bales from Mianwali at Rs 5350, they said.