KARACHI: Selective buying was witnessed on the cotton market on Wednesday in the process of trading activity, dealers said.

The official rate maintained higher trend for the third day in a row, picking up Rs 100 to Rs 7900, they said.

In ready session, about 400 bales of cotton change hands at Rs 8150, they said.

In Sindh, seed cotton was available at Rs 3700-4000 and in the Punjab, Phutti was at Rs 3500-4000, they said.

Market sources said that mills and spinners showed less interest in fresh buying due to tight supply position. If rains stopped in cotton areas, picking operation may be eased, this factor will help improving the volume of business, cotton analyst, Naseem Usman said

Adds Reuters: ICE cotton futures nudged lower on Tuesday to hit an over six-week low ahead of a federal holiday, amid a trade dispute between the United States, the world’s biggest cotton exporter, and top consumer China which continued to pressure the market.

The most active cotton contract on ICE Futures U.S., the third-month December contract, settled down 0.12 cent, or 0.14 percent, at 82.81 cents per lb. It traded within a range of 82.6, its lowest since May 18, and 83.66 cents.

The following deal reported: 200 bales of cotton from Sanghar and same figure from Tando Adam at Rs 8150, they said.