RECORDER REPORT | 13 March, 2019
KARACHI: Mills indulged in hectic buying of fine lint on the cotton market on Tuesday to replenish their stock, dealers said. The official spot rate unchanged at Rs 8,600, they added. In the ready session, over 10,000 bales of cotton changed hands between Rs 7700-8800, they said. Prices of seed cotton in Sindh were at Rs 3000-3500, in Punjab seed cotton prices at Rs 3000-3600 and in Balochistan prices were at Rs 3200-3500, they said.
Market sources said that mills did not show any reluctance in making new deals of fine quality. Cotton analyst Naseem Usman said that if buyers wait, they may face losses in the coming days, so lay hands over the best type of cotton. Cotton prices were higher in Indian markets, they said.
Adds Reuters: ICE cotton futures dipped in low volume of trade on Monday, hit by fund selling while the focus remained on the trade talks between the United States and China. The most active cotton contract on ICE Futures US, the May contract, total futures market volume fell by 5,204 to 20,529 lots. Data showed total open interest fell 886 to 219,837 contracts in the previous session.
(Source: Business Recorder)