Cotton market: prices drift lower on falling interest

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An easier trend prevailed on the cotton market on Monday following the lack of less buying interest by spinners and mills, dealers said. The official spot rate was down by Rs 50 to Rs 5,250, dealers said. In Sindh, seed cotton prices were at Rs 1500-2700, and in Punjab prices stayed put at Rs 1700 and Rs 2900, they said. In the ready business, around 2400 bales of cotton changed hands between Rs 4750 and Rs 5100, they said.

Trading activity failed to show any significant improvement due to lack of interest by the mills and spinners, cotton analyst, Naseem Usman said. Other experts were of the view that the leading buyers have a lot of worries, because the yarn market continued to be under pressure owing to lack of purchasing interest from value-added sector of textile.

Slow off-take of yarn by domestic consumers coupled with slow exports was also a discouraging factor behind the lacklustre condition these days, they added. Besides, they said that China which holds big size of cotton, is now planning to sell huge size of it’s stock in the international market. The following deals reported: 1600 bales of cotton from Shahpur Chakar sold at Rs 4750 and 800 bales from Yazman Mandi sold at Rs 5260, 200 bales from Yazman Mandi at Rs 5100, dealers said.

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