No trading activity was witnessed on the city markets including cotton market on Saturday, today was the second inactive session in a week, dealers said on phone. Official spot rate by the Karachi Cotton Association (KCA) was unchanged at Rs 5300, they added. Prices of seedcotton were unchanged in Sindh at Rs 1900-2350 and in the Punjab at Rs 2000-2650, they said.
In the daily business in other parts of the country, nearly 3000 bales of cotton changed hands between Rs 4500-5500,same as overnight rates they added. Commenting on the next move by India, Naseem Usman said on phone that cotton traders were interested to know the decision by India and waiting for some thing new and projective. News appeared that India is unlikely to allow fresh cotton exports when ministers meet next week and may not lift the ban at least until July, government and trade sources said.
The meeting on April 3 could approve only some of the 2.5 million bales deals Earlier this month, India stopped fresh cotton exports after a record 9.5 million bales were sold overseas, stepping back from a shock total ban, and said it would review 2.5 million bales already registered but not shipped.
According to the Reuters the NY cotton futures fell on Friday on speculative selling sparked by higher-than-expected sowings in a report from the US Agriculture Department, analysts said. The benchmark May contract on ICE Futures US fell 0.82 cent to trade at 92.72 cents per lb at 8:41 am EDT (1241 GMT). New-crop December dropped 0.59 cent to 90.13 cents.
The following deals were reported: 600 bales of cotton from Rahim Yar Khan sold at Rs 5500, 400 bales of cotton from Khan Pur at Rs 5300, 600 bales from Bahawal Pur at Rs 5355, 1000 bales from Rohri at Rs 4500 and 400 more bales from Saleh Pat at Rs 5400.