KARACHI: Cotton prices remained under pressure in line with world cotton markets on Wednesday. Barring a routine nature of demand, the market remained devoid of activity.

There seems to be a general lethargy in trading activity influenced by global factors and slow Demand from spinners remained thin. The New York cotton market moved further lower on slower exports figures.

The market seems to be waiting for some positive news because the glut of yarn with spinners is a cause of alarm and this is also having a negative impact on the overall cotton trade.

The world factors are heavily influencing domestic cotton market because Indian cotton also tumbled down by up to Rs600 per candy, after witnessing a rise of almost an equal amount only a day earlier.

The Karachi Cotton Association (KCA) spot rates were adjusted further lower by Rs50 to Rs8,800 per muand.

The following deals were reported to have changed hands on ready counter: 1,000 bales, from Shahdadpur were done at Rs8,700; 800 bales, Nawabshah, at Rs8,600 to Rs9,700; 1,000 bales, Saleh Pat, at Rs8,650 to Rs8,750; 1,000 bales, Rohri, at Rs8,650 to Rs8,800; 600 bales, Ghotki, at Rs9,025 to Rs9,075; 1,800 bales, Khairpur, at Rs8,600 to Rs8,625; 800 bales, Khanewal, at Rs8,400 to Rs9,000; 200 bales, Marrot, at Rs8,800; 400 bales, Vehari, at Rs9,700; 500 bales, Haroonabad, at Rs8,700; 1,200 bales, Faqeer Wali, at Rs8,650 to Rs8,675; 600 bales, Fort Abbas, at Rs8,600 to Rs8,800; 200 bales, Hasilpur, at Rs8,700 and 200 bales from Donga Bonga were done at Rs8,650.

Published in Dawn, November 15th, 2018