Drowsy business was seen on the cotton showcase on Monday as factories and spinners continued the sidelines after attractive PCGA report and sharp fall in the NY cotton fates as of late, merchants included. The authority spot rate was unaltered at Rs 4,900, they said. In the prepared session, not a solitary arrangement reported as factories liked to be on the sidelines, they said.
In Sindh, costs of seed cotton were at Rs 1500 and Rs 2300, in Punjab costs were at Rs 1600 and Rs 2700, they said. Business sources said that regardless of the way that the ginners were attempting to offer cotton to from unsold stock. In any case sharp decrease in the NY cotton fates amid the last sessions, impelled factories and spinners to embrace lie low state of mind, cotton examiner, Naseem Usman said. After the PCGA fortnightly information, which is demonstrating huge increment, numerous spinners and factories did not enjoy crisp purchasing, he included.
Source: Business Recorder