A renewed buying interest seen in new crop on the cotton market on Tuesday, dealers said. The official spot rate was unchanged at Rs 5100, dealers said. In the ready session 800 bales reported at Rs 5000. Seed cotton prices in Sindh were at Rs 2450-2500 and in Punjab rates were at Rs 2600 and Rs 2650, they said.
According to market sources mills and spinners show interest in purchasing new crop due to quality factor Cotton analyst, Naseem Usman said that some of mills were on the sidelines due to rising problems related to textile business such as loadshedding. Other dealers said that cotton market saw thin business because of bank holiday.
Reuters adds: NY cotton futures were lower on Monday owing to Greece jitters ahead of acrid report The following deals reported: 200 bales of cotton from Tando Adam, 400 bales from Shahdadpur and 200 bales from Sanghar all sold at Rs 5000, dealers said.