KARACHI: The cotton market gave listless conditions on Monday, with spinners taking to the sidelines as pre-election uncertainty engulfed the entire trading circle.
The end season mood coupled and growing uncertainty with each passing day as tenure of the PML-N government nears the end of its term in about two weeks has forced trading activities to come to a standstill.
Meanwhile, there are conflicting reports regarding the shortage of irrigation water. According to cotton growers, the flow of water is not regular and if they get supply one day, then for the next couple of days no water is available.
The irregular supply of water is hampering cotton sowing because young plants die due to shortage of water and excessive heat.
In the absence of buying interest, no transactions were reported to have changed hand on ready counter and the market as a whole remained inactive and devoid of activity.
The Karachi Cotton Association kept its spot rates steady at weekend level.
Published in Dawn, May 15th, 2018
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