With needy spinners and mills showing interest in small deals, a slight improvement was seen on Tuesday at the cotton market. However, the spinners have failed to finalize deals in a huge way as the ginners have very little quantity of stock at present, dealers said.
The official spot rate remained unchanged at Rs 5,200 while in Punjab prices were at Rs 2400 and Rs 3000 and in the ready business, over 3,000 bales of cotton changed hands between Rs 5200 and Rs 5500
The cotton analyst, Naseem Usman said that it appeared that the ginners were hoping for better prices in the coming days. But till now, it appeared that sowing has not started, particularly in the Punjab, which produces about 80 percent of country’s cotton.
According to dealers following deals changed hands : 600 bales of cotton from Khanpur Mehar at Rs 5485, 800 bales from Muzafargarh at Rs 5500, 800 bales from Chanigoth at Rs 5200-5400, 1000 bales from Kabeerwala at Rs 5400 and 200 bales from Tunsa Sharif at Rs 5200.
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