RECORDER REPORT

KARACHI: Most of the participants were on the sidelines due to less interest in fresh buying on the cotton market on Thursday, dealers said.

The official spot rate was unchanged at Rs 8400, they added. In ready session, no business activity was witnessed as buyers showed no interest in fresh buying of cotton, they said. Rates of seed cotton per 40kg from Lower Sindh were at Rs 3200-3600, they said.

Binola per maund prices were up by Rs 50 to Rs 1450-1475, they said. Polyester fibre rates were at Rs 192, they said.

Approximately, 2000 bales of cotton (new crop) from Lower Sindh changed hands between Rs 7900-8000, they said.

Market sources said that arrivals of seed cotton from Punjab have started, but despite increase in arrivals of new crop, buyers were not showing their interest in new deals.

Cotton analyst, Naseen Usman said that prices of fine quality may show further increase in the coming days.

Reuters adds: ICE cotton futures rose 1% on Wednesday to hit a one-week high, on expectations of a trade deal between the United States and China at the G20 summit later this week in Japan.

The most-active cotton contract on ICE Futures US, the third-month December contract, settled up 0.67 cent, or 1%, at 66.39 cents per lb. Earlier, prices had risen over 2%.

Total futures market volume rose by 4,781 to 20,496 lots. Data showed total open interest gained 474 to 175,691 contracts in the previous session.