Expectations for improvement in the seed cotton supply in the coming days, pushed the rates lower on the cotton market on Monday, dealers said. Resulting, the official spot rate maintained week-end level at Rs 5400, dealers said. In Sindh, seed cotton prices were down by Rs 100 to Rs 2600 and Rs 3000 and in Punjab rates also came down by Rs 200 to Rs 2800 and Rs 3000, they said. In the ready business, around 27,000 bales of cotton changed hands between Rs 4900 and Rs 5650, they said.
According to the market sources, pressure eased over the forward buying after the Pakistan Cotton Ginners Association (PCGA) fortnightly data and following the relief package, announced last days. According to the PCGA report, 4.66 million bales have reached in the ginneries, the figure is depicting that the supply will improve in the near future. Cotton analyst, Naseem Usman said that prices showed softness and may bring down further in the coming days owing to said reason.
The following deals reported: 1000 bales of cotton from Shahdadpur at Rs 4900, 800 bales from Sanghar at Rs 4900, 400 bales from Mirpurkhas at Rs 4900, 600 bales from Tando Adam at Rs 4900, 1400 bales from Nawabshah at Rs 5325-5400, 3000 bales from Khairpur at Rs 5400-5450, 2000 bales from Salehpat at Rs 5450-5600, 2000 bales from Upper Sindh at Rs 5600-5700, 400 bales from Vindar at Rs 5550, 2500 bales from Khairpur at Rs 5500, 3000 bales from Upper Sindh at Rs 5600-5700, 1000 bales from Burewala at Rs 5200-5300, 600 bales from Chistian at Rs 5450, 600 bales from Hasilpur at Rs 5500, 400 bales from Chichawatni at Rs 5500, 400 bales from Ghazi Ghat at Rs 5550, 400 bales from Fazilpur at Rs 5550, 800 bales from Haroonabad at Rs 5550, 400 bales from Bahawalpur at Rs 5550, 400 bales from Fort Abbas at Rs 5550, 1200 bales from Rahim Yar Khan at Rs 5600, 1000 bales from Sadiqabad at Rs 5600, 600 bales from Dera Ghazi Khan at Rs 5600 and 1000 bales from Layyah at Rs 5600-5650, dealers said.