KARACHI: The cotton market remained devoid of activity on Friday as buyers kept to the sidelines. Shortage of quality lint and lack of buying interest from spinners resulted in lacklustre trading.

Barring a couple of deals coming from some needy spinners there was hardly anything noteworthy. Only 200,000 unsold bales are left with ginners.

It seems that the entire trade is looking forward to the new season’s crop. However, the stakeholders also fear that the new crop could be neglected and come under pest attack.

Brokers said that normally it was witnessed that during election period entire rural population gets engaged in electioneering as it is a sort of enjoyment as well as fight of biradaris and big landlords.

Although the government has set huge cotton production target at 14.3 million bales for season 2018-19, experts believe it could be achieved provided concerned government department play its due role.

However, privately it is being estimated that cotton production could be at around 12.5m bales (160 maund per bale).

Meanwhile, the world leading cotton markets are moving slow. New York cotton, after gaining in the background report of slightly higher export figures issued by US Department of Agriculture, once again moved back.

The Karachi Cotton Association (KCA) spot rates were firm at overnight level and trading was also slow and listless.

The following couple of transactions were reported to have changed hands on ready counter: 450 bales, station Pir Mahal, at Rs6,300; 900 bales, Mian Channu, at Rs6,550; and 700 bales, Kabirwala, at Rs6,600 to Rs7,000.

Published in Dawn, May 12th, 2018