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Related Keywords: causing decline in rates, cotton bales changed hands, Cotton market, cotton prices modestly down, ginners reluctant in new purchasing, official spot rate down, quality was not matching, ready session, Trading activity slowed down

Trading activity slowed down as ginners were reluctant in new purchasing because quality was not matching with their psychological levels causing decline in rates on the cotton market on Tuesday, dealers said.

The official spot rate after maintaining a stable trend for a long time came down modestly, shedding Rs 50 to Rs 6200. In Sindh, seed cotton prices were at Rs 2600-3250 while that in Punjab, phutti rates were at Rs 2800 and Rs 3500, as per 40 kg.

Related Keywords: cotton bales changed hands, dearth of commodity against strong demand, ginning factories in Sindh closed, official spot rate picked up further, owing to short supply, Pakistan cotton market, prices hit new high, prices likely to rise in coming days, ready busines, seed cotton prices posted fresh gain

At Pakistan cotton market owing to short supply, prices hit new high on Saturday. In both Sindh and Punjab, seed cotton prices posted fresh gain of Rs 200 to Rs 3300 and 3350 per 40 kg, respectively. While, the official spot rate picked up further Rs 150 to Rs 6250, dealers said.

In ready business, more or less 3,000 bales of cotton changed hands between Rs 6450 and Rs 6700, dealers said.

According to cotton analyst, Naseem Usman, due to short position, the prices likely to touch Rs 7000 in the coming days. The prices showed a rise of Rs 700 on short supply position.