KARACHI: Prices maintained firm posture on the cotton market on Tuesday in the process of hectic trading, dealers said.
The official spot rate was unchanged at Rs 6100, they said. In the ready session, nearly 40,000 bales of cotton changed hands between Rs 5900-6250, dealers said.
In Sindh seed cotton prices were unchanged at Rs 2700-3000, in the Punjab rates depicted no variation at Rs 2800-3050, as per 40 kg, they said.
Market sources said that as a whole prices were steady due to sustained buying by mills and spinners, dealers said.
Cotton analyst, Naseem Usman said that despite expected rise in the Pakistan Cotton Ginners Association (PCGA) fortnightly report, which is likely on Wednesday, buyers did not show any reluctant in fresh buying.
Add Reuters: ICE cotton futures slid more than 1 percent on Monday, the biggest daily percentage fall in over a month, on expectations of harvest-friendly weather and pressure from a stronger dollar.
The December cotton contact on ICE Futures settled down 1.09 cent, or 1.59 percent, at 67.53 cents per lb, the lowest in two weeks. It traded within a range of 67.53 and 68.88 cents a lb.
Total futures market volume rose by 6,727 to 22,706 lots. Data showed total open interest gained 359 to 229,902 contracts in the previous session.
The following deals reported: 400 bales of cotton from Tando Adam sold at Rs 5900, 1600 bales from Dharki at Rs 6200/6300, 1000 bales from Gotki at Rs 6250, 1400 bales from Rohri at Rs 6150/6200, 1000 bales from Saleh Pat at Rs 6150/6200, 2000 bales from Khairpur at Rs 6150, 1400 bales from Liaqatpur at Rs 6250, 800 bales from Rahim Yar Khan, 600 bales from Fazilpur, 400 bales from Khanpur, 400 bales from Shadan Lund, 200 bales from Jalalpur all sold at the same rates, 2200 bales from Rajanpur at Rs 6200/6250, 800 bales from Alipur at Rs 6175/6250, 1600 bales from Ahmedpur at Rs 6125/6250, 200 bales from Shujabad at Rs 6200, 200 bales from Muzzaffargarh at Rs 6175, 400 bales from Karor Pakka at Rs 6060, 800 bales from Burewala at Rs 6150, 400 bales from Layyah at Rs 6150/6150, 400 bales from Mian Channu at Rs 6150, 200 bales from Khairpur Tamewali at Rs 6150, 600 bales from Kabirwala at Rs 6125/6150, 1000 bales from Vehari at Rs 6100/6150, 3800 bales from Khanewal at Rs 6075/6150, 1600 bales from Chichawatni at Rs 6075/6150, 800 bales from Bahawal Nagar at Rs 6125, 4800 bales from Bhawalpur at Rs 6100/6125, 1400 bales from Chishtian at Rs 6085/6125, 3000 bales from Haroonabad at Rs 6050/6125, 500 bales from Gojra at Rs 6075/6100, 1600 bales from Faqirwali at Rs 6060/6100, 600 bales from Hasilpur at Rs 6075/6100, 1400 bales from Fort Abbas at Rs 6075, 100 bales from Toba Tek Singh at Rs 6050 and 1800 bales from Dera Ghazi Khan at Rs 6125/6250, they said.