Official spot rate dropped moderately on the cotton market on Monday in the process of lean business, dealers said. The official spot rate was down by Rs 100 to Rs 5100, dealers said. Seed cotton prices in Sindh were higher by Rs 100 to Rs 2400-2500 and in Punjab rates were at Rs 2500 and Rs 2600, they said. Commenting on the present trend in the market, other experts said that new crop is in demand and so spinners were buying to meet their requirement.
Cotton analyst, Naseem Usman said that cotton traders were confused due to rising issues related to the textile business. In fact, he said that cotton market is under pressure these days due to unavailability of quality lint and loadshedding. On the other hand, the ginners were mixing new crop with old stock that is affecting the quality.- The following deals reported: 200 bales of cotton from Tando Adam at Rs 4950 and same figure from Khanewal at Rs 5200, dealers said.