KARACHI: Trading activity on the cotton market was slow on Thursday as buyers were unable to get hold of quality cotton. The end season coupled with shortage of quality lint keep proceedings dull and dreary.

Barring a few small lot deals, the market remained devoid of activity though there were demand form spinners.

Reports suggest that the cotton yarn market is quite responsive and there is a demand from the value-added textile industry which encouraged spinners to maintain production of yarn. Meanwhile, reports from the cotton fields are not encouraging due to shortage of irrigation water.

Parkash Baboo, a grower from Badin, Sindh, told Dawn that cotton sowing was carried out but the entire exercise went to waste as there is no irrigation water available till now.

“Due to early sowing in areas of lower Sindh, cotton production begins in the middle of June each year. However the next season cotton crop will not be available before July 15, 2018,” he feared.

Leading world cotton markets including New York, India and China gave mixed trend.

The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs7,500 per maund.

The following deals were reported to have changed hands on ready counter: 400 bales, station Khanpur, at Rs7,750; 200 bales, Liaquatpur, at Rs7,500; 800 bales, Yazman, at Rs7,500; 323 bales, Sadiqabad, at Rs7,400 to Rs7,500; 304 bales, Rahimyar Khan, at Rs7,200; 200 bales, Fort Abbas, at Rs7,000; and 400 bales, Dharanwala, at Rs6,430.

Published in Dawn, April 27th, 2018