KARACHI: The cotton market remained dull on Thursday as spinners generally remained away from the trading ahead of the budget 2017-18.

Trading activity remained slow throughout the session. Buyers remained away from the proceedings with many spinners waiting for new crop arrivals.

According to reports, about two to four ginning units are expected to become operational in Sindh by the next month. However, phutti (seed cotton) arrivals would be slow and only partial operations would be possible.

The Karachi Cotton Association left its spot rates unchanged. On the ready counter, only a couple of deals were reported to have changed hands: 1,000 bales from Sadiqabad at Rs6,900 a maund (around 37 kilograms), and 400 bales from Noorpur Nauranga at Rs6,970.

The world’s leading cotton markets gave mixed trend with New York cotton recovering last two day’s losses. The Chinese and Indian cotton market once again closed easy.

Published in Dawn, May 26th, 2017