KARACHI: Bearish trend prevailed on the cotton market ahead of Eidul Fitr holidays.
The official spot rate dropped sharply by Rs 100 to Rs 5,800, dealers said. In Sindh seed cotton prices were at Rs 2700-3100 while in Punjab phutti prices were at Rs 2800 and Rs 3200, per 40 kg, respectively, they said. In ready business, around 400 bales of cotton changed hands between Rs 6000 and Rs 6050, they said.
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Market sources said that as a result of less buying interest by main participants, prices of seed cotton both in Sindh and Punjab fell sharply. The following deals were reported: 200 bales from Sanghar at Rs 6050 and same figure from Hyderabad done at Rs 6000, dealers said.
