February 18, 2020
KARACHI: Hectic business ahead of the Pakistan Cotton Ginners Association (PCGA) fortnightly report, dealers said on the cotton market on Monday. The official spot rate was at Rs9100, they added. In the ready session, about 9370 bales of cotton finalised at Rs8850-9650, they said.
Rate of seed cotton per 40kg in Sindh low quality was at Rs2800, while the best quality was unchanged at Rs4100, and in the Punjab prices of low quality were at Rs2800 while the fine type was available at Rs4600, they said. In Sindh, Binola prices per maund were at Rs1400-1800, in Punjab rates were at Rs1650-1800, they said and the rate of polyester fibre was dropped by Rs3 at Rs173 per kg, they added.
Market sources said that the mill showed interest in fresh buying of lint despite higher rates. In the meantime, leading participants were expecting that prices may stay firm due to short supply position. Cotton analyst, Naseem Usman said that some mills are cautious under the circumstances and may take interest in local products. Trading activity likely to show significant improvement in the coming days, he added.
Adds Reuters: The New York cotton futures were closed for a public holiday on Monday. In other parts of the world, cotton prices were almost soft, dealers said. (Source: Business Recorder)