Cotton market characterised by wait-and-see attitude

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Wait-and-see attitudes prevailed on the cotton market on Monday as the leading participants refrained from fresh deals after the Lahore suicide attack tragic, dealers said. The official spot rate was unchanged at Rs 5,300, dealers said. In Sindh, seed cotton prices were at Rs 2200-2400, and in Punjab prices were at Rs 2400 and Rs 2900, they said. In the ready business, as a result of less selling interest among ginners, not a single deal finalised, they said.

According to the reports, three-day mourning day observed across the country against tragic Lahore suicide attack and national flag is flying at half-mast at all the government buildings. Cotton analyst, Naseem Usman, who came back home after performing Umrah, said that short stock of lint cotton is not allowing the ginners to dispose their stock at the present rates.

Small and needy buyers failed to keep buying activity due to short supply of quality cotton, he added. Other analysts said that early sowing in the cotton belt halted by rains and further expected rains in the country is causing delay in sowing.

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