KARACHI: Trading remained slow and restricted on the cotton market on Thursday amid falling cotton stocks held by ginners.
Some needy spinners did get hold of quality lint but they could not get their demand fulfilled owing to short supply, floor brokers said.
The ginners on their part seemed to be in no hurry to dispose of their limited stocks. Encouraged by delay in arrival of next crop, the ginners are demanding higher price of the leftover stocks.
However, spinners are reluctant to meet their demand as they have to keep in view their competitive parity with exports of regional countries. As a result small lot transactions were reported on ready deals.
The Karachi Cotton Association (KCA) spot rates were steady at previous level.
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The following deals were reported to have changed hands on ready counter: 200 bales from Karror Pakka done at Rs5100, 200 bales Malisi at Rs5200, 500 bales Tiba Sultan Pur at Rs5350, 400 bales Sumandari at Rs5400, 200 bales Multan at Rs5400 and 400 bales Mian Channu at Rs5600.
The New York cotton market remained under pressure where all the future contracts closed easy.
Published in Dawn, May 29th, 2015
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