KARACHI: The cotton market on Friday failed to shrug off general lethargy as both buyers and sellers tried to finalise their deals on their terms.

As a result, the trading volume could not increase and only limited deals were finalised. Reports suggested that Pakistani exhibitors at the Heimtextil fair in Germany received good response form buyers because the government’s relief package for textiles was announced when the fair was going on. Secondly, the euro rate is also low which suits European importers.

These factors worked against the market sentiment and buyers and sellers generally marked time which resulted in very little trading activity. However, prices generally remained steady.

The Karachi Cotton Association’s spot rates were unchanged. Major deals on the ready counter were: 600 bales from Lodhran (done at Rs6,700), 800 bales DG Khan (Rs6,700), 600 bales Chishtian (Rs6,550) and 400 bales Mianwali (Rs6,100).

Published in Dawn, January 21st, 2017