Cotton prices remain steady
KARACHI, July 30: The spot rate of cotton was maintained at Rs5,600 per maund on Monday, but deals were recorded between Rs5,750 and Rs5,800 in Sindh and Punjab.
Brokers said millers were replenishing their stocks and the trend was likely to prevail till a few days before Eid holidays, when trade activity is usually extremely dull.
The New York cotton futures were almost flat as well but fears of a possible drought in India, the world’s largest producer, remain.
This month around 300,000 bales have been ginned, which is a record for Pakistan’s cotton market. Bangladesh and India have also imported about 30,000 bales from Pakistan be-cause of India’s possible drought.
The following transactions were recorded on the ready counter on Monday:
1,000 bales, Shahdadpur at Rs5,750 to Rs5,800, 1,400 bales, Sanghar at Rs5,750 to Rs5,800, 1,000 bales, Tando Adam at Rs5,750 to Rs5,800, 1,200 bales, Mirpurkhas at Rs5,750 to Rs5,800, 600 bales, Hyderabad at Rs5,750 to Rs5,800, 200 bales, Jahanian at Rs5,625, 200 bales, Mongi Bangla at Rs5,650, 200 bales Tandla at Rs5,650 and 200 bales, Bakhar at Rs5,650.