RECORDER REPORT | April 16, 2019
KARACHI: Ginners did not take interest in new deals on the cotton market on Monday on short supply position, dealers said.
The official spot rate was unchanged at Rs 8,800, they added. In the ready session, not a single deal finalised as buyers were showing hesitation over the higher rates, they said. Prices of seed cotton in Sindh were at Rs 3000-3500 and in Punjab seed cotton prices were at Rs 3000-3600, they said.
Market sources said that sustained demand in front of higher demand from spinners helping to keep present levels in the process of trading.
Whereas, since China has showed it’s willing to import cotton from different countries, the rates are still on surge, cotton analyst, Naseem Usman observed. The ginners who have only six lacs of bales of cotton, trying to gain profit as much as they can earn, other brokers said.
Sowing is continue in both Sindh and Punjab and it looks that cotton production may achieve desired target for the current season. In other parts of world, cotton prices were up due to strong demand. (Source: Business Recorder)