KARACHI: The cotton market was listless on Monday as ginners once again withdrew to the sidelines.
Ginners have temporarily withdrawn to the sidelines to get better prices in the coming days for their limited unsold stocks.
The world’s leading markets also gave mixed trend with Indian and New York cotton closing steady. However, prices eased on the Chinese cotton market.
Spinning mills, especially small and medium sized units, still need substantial quantity of cotton to see the current season through. However, big units have already arranged imports to meet their demand, brokers said.
The Karachi Cotton Association left its spot rates unchanged.
Major deals on the ready counter were: 200 bales from Faqirwali at Rs6,900 and 3,600 bales from Rahimyar Khan at Rs6,975.
Published in Dawn, March 28th, 2017
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