KARACHI, May 22: The cotton market on Monday lacked normal trading interest as spinners were reluctant to replenish their stocks at prevailing prices hovering around Rs2,750.
However, ginners holding just 0.3 million bales were also in no hurry to dispense away with their stocks. Consequently, presently the market was somehow moving on a balance note with both sides least interested in quick bouts of buying and selling.With current season being most favourable for the cotton crop, analysts believe that the country would manage to have a bumper crop if no mid-way problems of pests attack take place. In Sindh where sowing have been completed the growers are expecting to have much higher yield owing to use of BT cotton seed.
According to reports 90 to 95 per cent sowing in Sindh has been of BT cotton which gives double the yield of normal cotton. As a result of this the official target of 14.41 million bales could be surpassed easily provided all goes well with the climatic conditions.
However, the present market psychology is focused on next season where bumper crop is being estimated and as a result of this a wait-and-see situation is going on.
The Karachi Cotton Association (KCA) spot rates remained unchanged at Rs2,650 but some small transactions transpired towards the closing movement of the market which were generally quoted at around Rs2,750 on quality premium.
