KARACHI: Revival of buying interest from spinners at the lower level led to moderate trading activity in the cotton market on Friday.

Although the quality of cotton continues to be doubtful due to a persistent wet spell, spinners booked some deals to meet their immediate needs.

Most global cotton markets closed easy in line with New York cotton.

Meanwhile, All Pakistan Textile Mills Association (Aptma) leaders once again tried to draw the government’s attention to the deepening crisis in the textile industry.

Aptma’s former chairman Gohar Ijaz said a large number of looms have closed down in big cities already. Over 100,000 people have become jobless, he said, adding that the government must address the situation quickly. He said 30-40 per cent of the industry is either shut down or operating partially.

Spot rates of the Karachi Cotton Association remained steady at the overnight level.

The following deals materialised on the ready counter: 400 bales from Mirpurkhas at Rs6,300, 200 bales from Hyderabad at Rs6,300, 600 bales from Tando Adam at Rs6,300-6,350 and 800 bales from Shahdadpur at Rs6,350.

Published in Dawn, July 22nd, 2017