KARACHI: Trading activity failed to pick up on Friday as buyers stayed away from the proceedings.

Interestingly, some deals were finalised owing to lower prices. The demand for yarn in local markets forced spinners to enter into deals.

The market is optimistic about the next cotton crop as irrigation water shortage is no longer an issue. Growers are likely to sow cotton in a larger area as they shift their attention from sugarcane which made them suffer huge losses.

Due to steady flow of buying orders, the market recorded fairly moderate business volume.

The world leading cotton markets were also running slow as off-season trading turned below average volumes. However, prices were noted firmer in the cotton markets of New York, China and India.

The Karachi Cotton Association (KCA) spot rates were unchanged at overnight level at Rs7,600 per maund.

The following deals were reported to have changed hands on ready counter: 1,400 bales, Khanpur, at Rs7,700 to Rs7,800; 800 bales, Rahimyar Khan, at Rs7,800; 400 bales, Liaquatpur, at Rs7,800; 400 bales, Khanewal, at Rs7,800; 1,000 bales, Kasowal, at Rs6,900; 1,200 bales, Lodhran, at Rs6,600; and 1,000 bales, Chowk Munda, at Rs6,400.

Published in Dawn, April 21st, 2018