KARACHI: Slow trading was visible on the cotton market on Thursday as buyers avoided taking long position till the full details of China’s offer for market access to Pakistan were known.
Furthermore, the textile industry of Punjab – following the gas subsidy and bills issue – has taken a cautious approach in purchasing cotton which also resulted slow trading.
Reports suggest the cotton yarn market is currently faced with a glut.
The world leading cotton markets gave mixed trend. New York cotton recovered partially while Chinese and Indian cotton were mostly steady.
The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs8,800 per maund.
The following deals were reported to have changed hands on ready counter: 1,000 bales, station Nawabshah, at Rs8,450-8,625; 1,000 bales, Khairpur Mirus, at Rs8,700-8,750; 1,000 bales, from Mando Dero, at Rs9,150; 2,400 bales, Rahim Yar Khan, at Rs9,050-9,100; 2,000 bales, Khanpur, at Rs9,050; 1,000 bales, Sadiqabad, at Rs9,050; 600 bales, Dera Ghazi Khan, at Rs8,950; 600 bales, Bahawalpur, at Rs8,750; 1,400 bales, Yazman, at Rs8,700-8,750; 600 bales, Haroonabad, at Rs8,675; and 400 bales, Burewala, at Rs8,600.
Published in Dawn, November 9th, 2018