KARACHI: The cotton market turned in lacklustre performance in the backdrop of steep fall in the rupee value against the dollar on Tuesday.

Local markets were shaken by sharp fall in the rupee value, which would have direct impact on commodity prices, brokers said. The cotton market also gave listless conditions as ginners held back to their stocks anticipating to get higher prices in coming days.

The slow phutti (seed cotton) arrivals indicated that the cotton season is at its fag end because during the last 15 days only 1,500 bales reached ginning units.

The world’s leading markets including New York Cotton Exchange also closed easy due to falling demand.

The Karachi Cotton Association (KCA) left its spot rates unchanged at Rs7,500 per maund.

The following deals were reported to have changed hands on the ready counter: 1,000 bales, Sanghar, at Rs5,800 to Rs6,000; 708 bales, Vehari, at Rs6,400; 400 bales, Burewala, at Rs6,300; and 200 bales, Shahar Sultan, at Rs7,400.

Published in Dawn, March 21st, 2018