KARACHI: The cotton market on Monday witnessed slow trading as buyers and sellers were marking time to know about future trend of global markets after noticing some correction in Indian cotton prices.

Floor brokers said that there was a sudden fall in activity when trading began on Monday, but prices generally remained firm at weekend level. There were reports that some profit-selling in Indian cotton pushed down prices.

Similarly, the Chinese cotton also reported to have closed easy while the New York cotton market remained closed on account of festival. Nevertheless, some needy spinners tried their utmost to get hold of quality cotton.

However, ginners on their part avoided to sell in anticipation of getting better rates in the coming days. Market reports suggested that very little quantity of quality cotton has been left and ginners are also holding around 1.3 million bales only.

The Karachi Cotton Association’s spot rates were unchanged. Major deals on the ready counter were: 400 bales from Sanghar (done at Rs5,900), 400 bales Khanewal (Rs6,700), 1,000 bales Alipur (Rs6,700) and 400 bales Yazman (Rs6,625).

Published in Dawn, January 17th, 2017