Financial crunch dents cotton buying

STAFF REPORT IBD: Most of the mills and spinners partially remained away from the cotton market due to financial turmoil mainly because of the change in official spot rate, dealers said.
Prices of seed-cotton (phutti) in Sindh were at Rs 1800-2300 and, in Punjab Rs 2200-2650, they said. In ready dealings, approximately 7000 bales of cotton changed hands at Rs 4100-5800, they said.
They said that both buyers and sellers were in the mood to do business, but lack of finances made a big hurdle.
The experts said that exporters were a little bit active as ginners showed their interest in the selling.

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