Pakistan: Prices firm on cotton market amid thin trading

Growers adopted a strategy of not selling cotton to stop further decline in the rates, dealers said on the cotton market on Monday. The Karachi Cotton Association (KCA) official spot rate was inert at Rs 6,300, they said. Prices of seedcotton in Sindh was down by Rs 300-200 at Rs 2300-2800 and rates in Punjab also picked up by Rs 200 to Rs 2000-3000, they said.

In ready dealings, over, 6,000 bales of cotton changed hands between Rs 5,500-6,200, they said. Market sources said that growers move not to sell fine quality of cotton, helped prices to resist sharp decline and it is likely that prices may stay firm in the near future. The other noticeable thing was exporters' inquiries about the prices, indicating that they may enter any time due to attraction the dollar rates, they said.

The following deals were reported: 200 bales of cotton from Mir Pur Khas sold at Rs 5500, 400 bales from Hingorja at Rs 6200, 400 bales from Saleh Pat at Rs 6200, 200 bales from Rohri at Rs 6200, 400 bales from Mehrab Pur at Rs 6200, 200 bales from Kassowal at Rs 6200, 200 bales from Sillan wali at Rs 6200, 200 bales from Noor Pur at Rs 6200, 600 bales from Bahawal Pur at Rs 6200, 200 bales from Yazman Mandi at Rs 6200, 200 bales of cotton from Mian Chanun at Rs 6200, 400 bales from Bahawal Nagar at Rs 5900-5950, 400 bales of cotton from Chichawatni 6000-6200 and 200 bales from Haroonabad at Rs 6000.