KARACHI: The cotton market remained devoid of buying interest on Thursday in the aftermath of schoolchildren’s killing in Peshawar.

Floor brokers said sentiment in most of the city markets remained depressed even on the second day after the gruesome incident.

Except some small lot deals from spinners, the market remained lacklustre. The underlying sentiment was also easy and uncertain.

Though there was a little change in price line, trading activity touched rock bottom with a few stray deals changing hands on ready counter.

“We hope that the government would now take the issue of terrorism seriously and operate on front foot against such elements who are bent upon to destroy the country,” commented cotton analyst Naseem Usman.

The world cotton markets also remained under pressure.

However, New York cotton market recovered its overnight losses as all future contracts ended with modest gains. The Karachi Cotton Association (KCA) left its spot rates unchanged.

The following deals were finalised on ready counter: 1,000 bales Tando Adam at Rs3,500-3,600, 1,000 bales Shahdadpur at Rs3,500-3,600, 1,000 bales Rahimyar Khan at Rs4,850-4,950, and 1,000 bales Sadiqabad at Rs4,850-5,000.

The following are Thursday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16” micronair value between 3.8 to 4.9 NCL.

Published in Dawn, December 19th, 2014