Stable trend was witnessed on the cotton market on Tuesday in process of modest trading, dealers said.
Official spot rate was unchanged at Rs 6,200, they added.
Prices of seedcotton in Sindh were at Rs 2000-2300, in the Punjab at Rs 2100-2800, they said.
In ready business, 5000 bales of cotton changed hands between Rs 4700-7000, they said.Market sources said that some needy mills were in the arena to meet the immediate needs and other buyers were attracted by the falling trend in the overseas market.
They also said that despite the decline in the NY cotton futures, some mills made forward buying, instead of waiting for more slide in the prices.According to the market sources, the NY cotton futures finished down and at a 3-1/2 month low, falling for the fourth straight session on speculative sales, with the trade awaiting release of a government crop report later in the week.
July cotton on the ICE Futures US exchange dropped 1.32 cents, or 1.5 percent, to settle at 86.67 cents per lb, trading from 86.10 to 88.42 cents.It was the lowest close for the second-position cotton contract since late December 2011, according to Thomson Reuters data.
The following deals were reported: 400 bales of cotton from Shahdadpur (Low quality) sold at Rs 4700, 200 bales from Ghotki at Rs 6600, 400 bales of cotton from Layyah at Rs 6250, 400 bales of cotton from Sadiqabad at Rs 6500, same figure from Faqir Wali at the same level and 3000 bales of cotton from Mian Wali (on credit) at Rs 7000.
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