KARACHI: Wait-and-see attitudes prevailed on the cotton market on Wednesday as main participants were on the sidelines on expectations of easy supply and to observe the outcome of Heimtextil fair, as well, dealers said.
The official spot rate shed Rs 100 to Rs 7,600, they added.
In ready session, only 2,000 bales of cotton changed hands between Rs 6400-7200, they said. In both Sindh and the Punjab low type shed Rs 100 to Rs 3300 and fine lost Rs 200 to Rs 3300, they said.
According to the market sources, main participants were on the sidelines in expectations of achieving sizeable export orders in the Heimtextil from Jan 9 and will continue till Jan 12, 2018. Other experts said that hope of improvement in the supply of lint cotton is also a driving factor behind the sluggish business.
Cotton analyst, Naseem Usman said that a large number of exporters were participating in the fair in Frankfurt.
Adds Reuters: ICE cotton futures edged higher on Tuesday to settle up for the second straight session,
supported by buying from
The most active ICE cotton contract for March expiry settled up 0.21 cent, or 0.27 percent, at 78.35 cents per lb. It traded within a range of 78.03 and 78.70 cents a lb.
Total futures market volume fell by 6,063 to 25,342 lots. Data showed total open interest gained 518 to 286,837 contracts in the previous session.
The following deals reported: 400 bales of cotton from Fort Abbas at Rs 6800, 600 bales from Layyah at Rs 6550, 400 bales from Vehari at Rs 6400 and 600 bales from Rajanpur at Rs 7200,