KARACHI: In the absence of buying interest, lacklustre conditions prevailed on the cotton market on Monday. However, the undertone remained firm and steady.

Floor brokers said that both buyers and sellers were not inclined into entering in larger business deals, mainly because of short supply of quality lint and dwindling cotton stocks.

While millers are eagerly awaiting for the arrival of new crop to meet their raw cotton demand, many spinners running short in supplies want to get hold of some quality lint, brokers added.

Though several deals last week were finalised in new crop cotton, cotton analysts believe that the crop would not reach the ginners before end-July or early August.

The Karachi Cotton Association (KCA) cut its spot rates by Rs50, to Rs5,450 per maund.

The following deals were finalised on ready counter: 500 bales from Daur done at Rs4500, and 200 bales from Derki at Rs5700.

Published in Dawn, May 26th, 2015

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