No significant change was seen in the present attitude toward the cotton showcase on Thursday, merchants said. The authority spot rate held the week-end level at Rs 5000, merchants said. In the prepared session, more than 5,000 bunches of cotton changed hands between Rs 4800 and Rs 5200, they said. The costs of seed cotton in Sindh were at Rs 1900 and Rs 2350 and in Punjab rates were at Rs 2000 and Rs 2650, they said.
As indicated by the business sector sources, costs were steady owing to tight supplies in the midst of solid interest. Cotton expert, Naseem Usman said factories and spinners expanded purchasing after news that China to cut cotton generation by 15 percent. Defer in sowing additionally a variable, which is pushing purchasers to make arrangements to cover their quick prerequisite, they said.
Includes Reuters: Cotton on ICE Futures US succumbed to a tenth straight session on Wednesday, expanding its longest losing streak since November 2013 under weight from examiner liquidation and powerless request in the money market. The front-month May cotton contract on ICE hit a five-week low of 60.28 pennies a lb before shutting down 0.54 pennies, or 0.9 percent, at 60.33 pennies. Theorists have started loosening up a bullish wager in fiber because of specialized shortcoming and dull interest, dealers said.
The accompanying arrangements reported: 200 parcels of cotton from Tando Adam at Rs 3800, 400 bunches from Kumb at Rs 4950, same figure from Maroot at Rs 4925, same figure from Faqirwali at the same level, 600 bundles from Fort Abbas at Rs 4950, 400 bundles from Burewala at Rs 5100, 500 bundles from Mian Chano, 400 parcels from Yazman Mandi, 500 parcels from Ahmedpur and 500 bunches from Bahawalpur all finished at Rs 5200, they included.
Source: Business Recorder