Cotton market: lean business activity amid post-holiday session

Mills and spinners showed no interest in fresh buying amid pos-holiday session,on the cotton market on Tuesday. Official spot rate was unchanged at Rs 5,650. In the ready business, nearly, 5,000 bales of cotton changed hands between Rs 5650-5800. Seeds cotton prices in the Punjab and Sindh were same at Rs 2400-2700.

Market sources said that not much activity was seen as leading buyers were sidelines on lack of buying interest. There was dullness in the cotton market after Hurricane Sandy in the US East Coast, which may cause a damage of 20 billion dollars market, cotton analyst, Naseem Usman said. He also said that after Hurricane Sandy, some were anticipating that prices are likely to show firmness in the local market. As a result of Hurricane Sandy many financial institutions including the US stock markets were closed through Tuesday. Wall Street firms kept only limited staffing ahead of Hurricane Sandy's approach and many financial professionals worked from home.

The following deals reported: 700 bales from Burewala at Rs 5700, 200 bales from Bhawalpur at Rs 5750, 1000 bales from Khairpur at Rs 5700-5800, 1000 bales from Rajan Pur 5800, 1500 bales from Hasil Pur at Rs 5650,400 bales from Faqirwali at Rs 5700.
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