KARACHI: Listless conditions prevailed on the cotton market on Monday as buyers and sellers took to the sidelines. The underlying sentiment, however, remained firm and steady.
Floor brokers said that after the release of final phutti (seed cotton) arrivals report by ginners’ body for the current season 2014-15, sellers started to hold back their limited stocks in order to get higher price later.
Throughout the session the ginners kept asking higher price but the spinners on their part were reluctant to offer higher rates, brokers added.
Since the industry still needs cotton, limited stocks left in the country are pushing prices higher with each passing day. The delay in arrival of next crop due to late sowing is a major factor which is keeping millers to chase every deal which comes their way.
The Karachi Cotton Association (KCA) spot rates were unchanged at previous level.
Published in Dawn, May 5th, 2015
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