Cotton market: prices down in line with global track

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The rates were sharply down in line with the global track in the process of trading on the cotton market on Monday, dealers said. The official spot rate was down by Rs 100 to Rs 5,550 dealers said. In the Punjab, prices showed no change at Rs 3100 and Rs 3400, they said. In the ready business, over 5000 bales of cotton changed hands between Rs 5300-5750, they said.

Market sources said that general trend in the market was bearish as the ginners have started declining prices, in line with the international market. Cotton analyst, Naseem Usman said that the leading mills and spinners were interested in the last sessions but the ginners did not oblige them, just to make better return in the futures deals.

Prices may not fluctuate sharply in times to come because the ginners have not enough unsold stock, other experts observed.

The following deals reported: 2200 bales of cotton from Ahmedpur at Rs 5300, 2600 bales from Bahawalpur at Rs 5350, 100 bales from Hasilpur at Rs 5600 and 400 bales from Mian Chano at Rs 5750, dealers said.

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