KARACHI: The cotton market remained listless on Monday as most buyers stayed away from the proceedings.

The lowering of discount rate by the State Bank of Pakistan in the latest monetary policy did not show any impact on any commodity markets, including cotton, and it may benefit and give impetus to the capital market, brokers said.

Even lower cotton prices are not attracting buying from leading spinners and this was mainly because of little demand for cotton yarn in the domestic as well in the world market, a broker said.

Meanwhile, the manufacturers of polyester staple fibre reduced prices by Rs5 per kilogram and this has yet another blow to cotton which has always been in competition with man-made fibre.

The Karachi Cotton Association’s (KCA) spot rates remained unchanged.

Major deals finalised on the ready counter included: 200 bales Mirpurkhas at Rs4,125, 200 bales Sanghar at Rs4,500, 400 bales Moro at Rs4,500, 400 bales Fort Abbas at Rs4,600 to Rs4,725, 400 bales Faqirwali at Rs4,675, 200 bales Multan at Rs4,700, 200 bales Basti Malook at Rs4,700, 600 bales Khanewal at Rs5,000, 400 bales Mianwali at Rs5,000, 600 bales Rahimyar Khan at Rs5,000 to Rs5,050.

Published in Dawn January 27th, 2015

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