KARACHI: With buying interest absent, cotton prices moved lower on Tuesday in line with the global trend.

The underlying sentiment was weak and outlook remained uncertain. Only a few spinners indulged in selective buying of strictly quality cotton.

Leading spinners are complaining of slow off-take of cotton yarn in domestic as well as world markets and this has directly affected the cotton trade which is currently extremely slow, the brokers said. However, many ginners who have accumulated cotton stocks in anticipation of further devaluation in the rupee value are now faced with huge unsold stocks, brokers added.

Due to quality constraints, only small spinners are lifting cotton from local market whereas big spinning groups are largely depending on imported crop.

World’s leading cotton markets also remained slow. The New York cotton moved lower. The Indian and Chinese markets also remained under pressure.

The Karachi Cotton Association (KCA) spot rates were adjusted downward by Rs50 to Rs8,750 per maund.

The following deals were reported to have transpired on ready counter: 400 bales from Sakrand were done at Rs8,150 to Rs8,250; 400 bales, Moro, at Rs8,300; 1,000 bales, Khairpur Mirus, at Rs8,550; 600 bales, Saleh Pat, at Rs8,750; 400 bales, Ghotki, at Rs9,025; 400 bales, Mirpur Mathilo, at Rs9,025; 800 bales, Sadiqabad, at Rs8,900 to Rs8,950; 600 bales, Rahimyar Khan, at Rs8,900 to Rs8,950; 1,800 bales, Tonsa Sharif, at Rs8,600; 400 bales, Bahawalpur, at Rs8,500; 600 bales, Haroonabad, at Rs8,400 to Rs8,450; 400 bales, Faqeerwali, at Rs8,300; 400 bales, Chichawatni, at Rs8,000 and 400 bales from Vehari were done at Rs8,000.

Published in Dawn, November 28th, 2018