RECORDER REPORT
Post holiday mood persisted on the cotton market on Friday as most of the participants were absent due to less buying interest, dealers said. The official spot rate was unchanged at Rs 2950, they said. The phutti prices in both the Punjab and Sindh were same at Rs 1400-1500, they added.
Market sources said that the holiday mood persisted on the market as a result of lack of buying interest by the mills and spinners. Most likely normal trading may start from the next week as ginners may show some flexibility in their attitude toward prices ahead of Pakistan Cotton Ginners Association (PCGA) fortnightly report, they said.
In the meantime, the mills are reluctant in making new deals due to not very encouraging export figure, if the exports pick up, the spinners may come ahead for the forward buying, they said.
On Thursday, the NY cotton futures settled firmer on light investor short-covering as the market took in stride what most analysts feel is a bearish government crop report, brokers said. The March cotton contract gained 0.79 cent to close at 44.46 cents per lb, moving from 43.75 to 44.99 cents. It was almost an inside day when compared to the Wednesday range of 43.30 to 44.99 cents. Volume traded in the March contract was at a meagre 4,920 lots. The May cotton contract added 1.31 cents to finish at 44.79 cents.
The following deals were reported: 200 bales from Sultanabad sold at Rs 2700 and same figure from same station sold at Rs 2750, dealers said.