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LEAN BUSINESS WAS SEEN IN COTTON MARKET ON THURSDAY AS MILLS REMAINED ON SIDELINES IN ANTICIPATION OF FURTHER DECLINE IN PRICES. OFFICIAL SPOT RATE WAS SAME AT RS. 11,800 PER MAUND. DEALS MATERIALISED IN THE RANGE OF RS. 11,250~12,700 PER MAUND.
BUYERS ARE HOPING THAT COTTON PRICES WILL DROP DOWN IN COMING DAYS AS INTERNATIONAL MARKET SENTIMENT IS ALSO BEARISH. SO, THEY ARE WAITING FOR MARKET TO SETTLE DOWN BEFORE PLACING NEW ORDERS. DESPITE OF ALL THE ANALYSIS AND SITUATION, ONE THING IS FOR SURE THAT DEMAND IS MORE IN COMPARISON OF SUPPLY WHICH WILL KEEP COTTON IN REASONABLE RANGE.
PUNJAB AND SINDH CROP PRICES WERE IN RANGE OF US CENTS 160~181 PER LB. (RS. 11,250~12,700 PER MAUND)
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