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KARACHI, Dec 27: Holiday mood prevailed on the cotton market on Monday as Sindh government declared Dec 27 a public holiday owing to death anniversary of Benazir Bhutto, floor brokers said.
After three consecutive closures on account of the birthday of Quaid-i-Azam and Christmas, pent up mill demand was not evident as spinners anticipated further fall in prices and kept to the sidelines, they said.
They said all eyes are now focused on the New York opening as local prices will be set in line with the import parity levels as spinners and mills were not inclined to go beyond them.
But some analysts said New York cotton futures prices could move further down owing to year–end selling and falling demand and that is expected to have a bearish impact on the local prices.
Meanwhile, spinners and mills are also awaiting the resumption of foreign sales of cotton by India and according to market reports about 2.5m bales will be put on auction during January next year.
Official spot rates were, therefore, did not show any change and were firmly held at the last weekend level of Rs9,000 per maund.In the absence of mill demand, mills ready off-take was light totaling about 1,000 bales, including 400 bales, upper Sindh and 200 bales, Shahdadpur at Rs9,300 and Rs9,000, respectively.
