KARACHI: The cotton market remained devoid of activity on Saturday as diminishing cotton stocks with ginners and higher imports by big spinners left little room for trading activity.
Floor brokers said that only small and financially weak spinners were active in the trading ring to meet their near-future demand. Since the current season is expected to end by the middle of the next month, little phutti (seed cotton) was left in the fields, they added.
Leading spinners are reported to have booked around 2.5 million bales for import and are currently engaged in receiving deliveries on payments. However, small spinners are totally depending on local sources.
The New York, Indian and Chinese cotton markets recovered.
The Karachi Cotton Association left its spot rates unchanged. Major deals on the ready counter were: 950 bales from Sanghar at Rs6,850 a maund (around 37 kilograms), and 4,000 bales from Rahimyar Khan at Rs6,950.
Published in Dawn, February 26th, 2017
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