Prices continued to decline on the cotton market on Friday in the process of trading, dealers said. The official spot rate gave up overnight gains, losing Rs 100 to Rs 6,350, dealers said. In Sindh seed cotton prices were unchanged at Rs 3100 and Rs 3200 and in Punjab, phutti prices adopted the same pattern showing no change at Rs 3100 and Rs 3300 per 40 kg, respectively, they said.
In ready business, over 10,000 bales of cotton changed hands between Rs 6400 and Rs 6600, they said. Market sources said that cotton business turned volatile during the week. They said that mills and spinners covered their short position in fine variety. Cotton analyst, Naseem Usman said that prices were still soft in line with the international markets.
Reuters adds: ICE cotton futures fell on Thursday after the release of a negative export sales report and as the natural fibre continued to face competition from low-priced synthetics. The following deals were reported: 1800 bales from Shahdadpur at Rs 6400/6600, 600 bales from Nooriabad at Rs 6475/6500, 200 bales from Kunri at Rs 6550, 2000 bales from Tando Adam at Rs 6500/6600, 1600 bales from Sanghar at Rs 6550/6600, 1400 bales from Mirpurkhas at Rs 6550/6600, 1000 bales from Hyderabad at Rs 6550/6600, 800 bales from Hala at Rs 6550/6600 and 800 bales from Kotri at Rs 6550/6600, dealers said.