KARACHI: The cotton market on Tuesday witnessed slow trading as leading spinners withdrew to the sidelines anticipating further decline in prices in line with global trend.

The world leading markets including New York Cotton Exchange came under renewed selling pressure where all future contracts closed lower. The Indian and Chinese markets also stayed easy.

However, there was selective buying from some needy spinners who indulged in short-lot deals to meet their near-term requirements. Much of the activity remained around quality lint.

Analysts believe stability in the currency market will help textile sector to determine its future plan.

The Karachi Cotton Association (KCA) kept its spot rates steady at overnight level of Rs8,650 per maund.

The following deals were reported to have changed hands on ready counter: 1,150 bales, station Shahdadpur, at Rs8,150-8,550; 1,200 bales, Khairpur Mirus, at Rs8,600; 1,000 bales, Saleh Pat, at Rs8,800; 800 bales, Ghotki, at Rs8,900-9,000; 1,800 bales, Rahim Yar Khan, at Rs8,900; 2,000 bales, Khanpur, at Rs8,900; 800 bales, Liaquatpur, at Rs8,850-8,900; 600 bales, Sadiqabad, at Rs8,900; and 1,000 bales, Haroonabad, at Rs8,500.

Published in Dawn, October 31st, 2018