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KARACHI: Steady conditions prevailed on the cotton market on Tuesday where activity remained low due to lack of buying interest by big spinners and exporters.
Floor brokers said that sluggish demand for cotton yarn and fabric in domestic and world markets was keeping spinners away from the trading ring.
Big spinning groups having somewhat comfortable financial position are importing cotton to see the current season through. However, a large number of small spinners were unable to import and have to depend on domestic cotton, brokers said.
Meanwhile, ginners’ body has called a meeting in Multan on Feb 27 to devise a strategy for the next cotton crop.
Similarly, the Karachi Cotton Association (KCA) has also called a meeting of all the stakeholders on March 2 and invited cotton commissioner as well as the textile industry.
It is being felt that the government has yet to take concrete steps to avoid cotton crop failure this season. The world cotton markets also remained easy where New York cotton finished lower for all the future contracts.
The KCA spot rates were steady at previous level. Major deals on ready counter were: 400 bales from Burewala (at Rs5,000 to Rs5,400 per maund), 200 bales from Faqirwali (Rs5,200), 1,647 bales from Rahimyar Khan (Rs5,250 to Rs5,450), and ,000 bales from Sadiqabad (Rs5,450 to Rs5,500).
Published in Dawn, February 24th, 2016
