Not a single deal finalised on the cotton market on Thursday as buyers kept on the sidelines due to rising uncertainties among traders, dealers said. The official spot rate was unchanged at Rs 5,200, dealers said. In Sindh, seed cotton prices were at Rs 1500-2700, and in Punjab prices at Rs 1800 and Rs 2800, they said. Market sources said that the Pakistan Cotton Ginners Association (PCGA) released it's fortnightly report at 9,712,065 or 9.71 million bales.
The arrivals at Punjab ginneries were recorded at over 5.96 million or 5,961,734 bales recording a percentage decrease of 44.50 percent compared to corresponding period of last year. Cotton analyst, Naseem Usman said that continued fall in the international market, effecting local business and traders, as well. A huge stock of unsold cotton yarn and heap of cotton stock in China adding worries for the textile industry, other analysts said.
China keen to sell cotton to other countries and this factor is also dragging cotton trader into unforeseen worries, they said. To shed uncertainties, the government should ban cotton imports from other countries, they added.
Adds Reuters: Cotton futures fell for a fourth straight session in light trading volume on Wednesday. The May contract on ICE Futures US settled down 0.18 cent, or 0.32 percent, at 55.93 cents per lb, after hitting a low of 55.64 cents.
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