Nominal business in lacklustre condition on cotton market

KARACHI  (December 28, 2010) : Cotton market lacked normal trading activity on Monday as Sindh Government announced a holiday on account of third death anniversary of former prime minister Benazir Bhutto, dealers said. The Karachi Cotton Association (KCA) spot rate was unchanged at Rs 9000, they said.

Seed cotton prices in Sindh and Punjab did not show any change in weekend levels at Rs 3,900-4,200, they said. In ready business, not much activity was seen as approximately 600 bales of cotton changed hand between Rs 9000-9300, they said. Market sources said that despite the holiday mood, the ginners were not ready to finalise any deal below the asking prices due to short crop after the destruction caused by floods in the country. On the other hand, the mills were not ready to do any deal above psychological levels, they said. The following deals were reported: 200 bales of cotton from Shadadpur at Rs 9000 and 400 bales from Upper Sindh at Rs 9300, they said.