RECORDER REPORT | 11 February, 2018
KARACHI: Rates showed stable trend on the local cotton market on Saturday in process of trading, dealers said. The official spot rate was unchanged at Rs 7,000, they added. In both Sindh and the Punjab seed cotton prices were inert at Rs 2600-3200, they said. Cotton analyst, Naseem Usman said that some mills and spinners indulged in fresh buying to replenish their stock. Short supply of fine quality of cotton is causing little business in the local market, dealers said.
Other experts said that slow demand for yarn is also a negative impact on the business these days. Besides, value-added sector is also demanding to cut duty and tariff on imports, they observed. Adds Reuters: In the New York market, futures were higher on Friday.
The following deals were reported: 431 bales of cotton from Hyderabad at Rs 6000, 400 bales from Ghotki at Rs 7075, 400 bales from Sanghar at Rs 6100, 400 bales from Ahmedpur East at Rs 6700, 200 bales from Fort Abbas at Rs 6500, 200 bales from Marrot at Rs 6500, 400 bales from Chack Madrasa at Rs 6400 and 558 bales from Alipur at Rs 6400, they said. (Source: Business Recorder)