Firm trend prevailed on the cotton market on Tuesday in the process of trading, dealers said. The official spot rate was unchanged at Rs 8,650, they added. Prices of seed cotton in Sindh were at Rs 3600-4100, in the Punjab seed cotton prices were at Rs 3600-4200 and in Balochistan, rates of seed cotton were at Rs 3800-4300, they said.
In the ready session, over 15,000 bales of cotton changed hands between Rs 8150-9000, they said. Market sources said that leading buyers were on the sidelines due to less buying interest. Some needy mills showed interest in fresh buying of quality cotton to replenish their stock.
Cotton analyst, Naseem Usman said that the demand for cotton is likely to rise as the government has provided incentives to exporters, including textile. The government cut down gas tariffs in the Punjab, he added. It was observed that buying thrust was concentrated around quality cotton, other brokers said.
NY cotton futures were lower in the international markets, they said. The following deals reported: 1150 bales of cotton from Shahdadpur at Rs 8150/8550, 400 bales from Tando Adam at Rs 8150, 400 bales from Moro at Rs 8500/8550, 1200 bales from Khairpur Mirus at Rs 8600, 1000 bales from Saleh Pat at Rs 8800, 400 bales from Khanpur Mehar at Rs 8900, 800 bales from Ghotki at Rs 8900/9000, 1800 bales from Rahim Yar Khan at Rs 8900, 2000 bales from Khanpur at Rs 8900, 800 bales from Liaquatpur at Rs 8850/8900, 600 bales from Sadiqabad at Rs 8900, 400 bales from Ahmedpur East at Rs 8800, 400 bales from Jalalpur at Rs 8800, 600 bales from Alipur at Rs 8750, 400 bales from Faqirwali at Rs 8500 and 1000 bales from Haroonabad at Rs 8500, they said.