Buying of quality lint by exporters and mills helped rates to hold present levels on the cotton market on Tuesday, dealers said. The official spot rate was unmoved at Rs 6150, dealers said. In Sindh, seed cotton prices were up by Rs 200 to Rs 2400-3200, they said. In Punjab, phutti rates were at Rs 3100 and Rs 3450, as per 40 kg, they added.
In the ready session, approximately 25,000 bales of cotton changed hands between Rs 6000 and Rs 6400, they said. According to market sources, exporters\’ renewed buying interest gave a boost to the rates.
Cotton analyst, Naseem Usman said that mills again played an important role in fresh purchasing of lint cotton. Rising tension between the neighbouring countries, was fading hopes for import of cotton from Indian, other experts said. The buyers were trying to replenish their stock as much as they can, because easy supply of better quality of lint is continue, they said.
Reuters adds: Cotton futures were little changed on Monday as traders remained cautious ahead of the first notice day of the December contract later in the week. Cotton contracts for March settled down 0.03 cent, or 0.04 percent, at 72.29 cents per lb. It traded within a range of 71.94 and 72.7 cents a lb.
The following deals reported: 1000 bales from Khairpur at Rs 6200, 1000 bales from Rohri at Rs 6250, 1000 bales from Salehpat at Rs 6250, 800 bales from Ghotki at Rs 6350/6400, 800 bales from Dharki at Rs 6350/6400, 600 bales from Mianwali at Rs 6000, 400 bales from Vehari at Rs 6150, 400 bales from M.pur Dewan at Rs 6200, 400 bales from Mian Chano at Rs 6275, 1400 bales from Haroonabad at Rs 6275, 1400 bales from Faqirwali at Rs 6275/6300, 2200 bales from Rajanpur at Rs 6300, 800 bales from Lodhran at Rs 6300, 400 bales from Karor Pacca at Rs 6300, 800 bales from Fort Abbas at Rs 6300, 600 bales from Chistian at Rs 6300, 400 bales from Bakhar at Rs 6300, 1600 bales from Hasilpur at Rs 6325, 600 bales from Shujabad at Rs 6325, 2400 bales from Sadiqabad at Rs 6325/6350, 2400 bales from Rahim Yar Khan at Rs 6325/6350, 1000 bales from Feroza at Rs 6350, 800 bales from Liaquatpur at Rs 6350, 800 bales from Kot Sabzal at Rs 6350 and 600 bales from Chani Goth at Rs 6400, dealers said.