Source: Business Recorder

RECORDER REPORT

December 03, 2019

KARACHI: Prices slid on the cotton market on Monday in the process of moderate trading, they said.

The official spot rate was down by Rs 100 to Rs 8,900, they said. In ready session, 13000 bales of cotton finalized between Rs 7750-9300, they observed. Rates of seed cotton per 40kg in Sindh were at Rs 2600-4300 and in the Punjab prices were at Rs 3500-4400, they said.

In Balochistan, seed cotton prices were at Rs 3500-4300, they said. In Sindh, Binola prices per maund were at Rs 1400-1700, in Punjab and Balochistan rates were at Rs 1500-1600, they said and adding that polyester fibre was available at Rs 181.

Commenting on the present trend in the market, cotton analyst, Naseem Usman said that some leading buyers were active to replenish their stock. Other brokers said that mills are under pressure due to liquidity crunch but laying hands over the fine quality. (Source: Business Recorder)