The cotton market on Thursday witnessed a wait and see attitude from both buyers and sellers after Trading Corporation of Pakistan (TCP)’s entry into the market, dealers said.
According to the market sources, the ginners showed no interest in fresh selling, anticipating better rates as compare to the current prices.
In the Punjab, a very small size of seed-cotton left with the ginners showed no change for inferior type at Rs 3100 while best quality picked up Rs 200 to Rs 3400 while, in the ready business, not a single deal finalized.
Cotton analyst, Naseem Usman said that the mills and spinners kept on the sidelines just to take a sign of relief.
According to other brokers, despite the Trading Corporation of Pakistan (TCP) intervention in the market may not help to lower current prices due to dwindling stock with the ginners.
The official spot rate remained unchanged at Rs 5,600 dealers said.
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