KARACHI: Trading activity failed to pick up on the cotton market on Wednesday where buyers remained to the sidelines.

Floor brokers said spinners were reluctant to enter into fresh deals due to depressed demand for cotton yarn. Besides, shortage of quality lint owing to depleted stocks of cotton is another factor which is keeping trading low.

They added that a spinners’ delegation led by Aptma chairman Yasin Siddik recently met secretary commerce and lodged complaint that cotton yarn being dumped from India is causing injury to domestic industry.

The delegation members were assured that the issue will be taken up with the Economic Coordination Committee (ECC) to find a way out.

The New York cotton market moved higher where all future contracts closed with fresh gains.

The Karachi Cotton Association (KCA) spot rates were unchanged at previous level and trading on ready counter was extremely slow and restricted.

Only two deals were reported to have changed hands on ready counter: 200 bales, Fort Abbas, at Rs6,700 (conditional); and 700 bales, Ladhran, at Rs6,750 (conditional).