KARACHI: Trading activity on the cotton market once again remained slow but buyers continued to focus on quality cotton knowing that imported cotton would now become costlier.
It was interesting to note that cotton prices remained steady yet trading volumes went down. Buyers remained cautious and restricted their activity.
The domestic market is totally influenced by the world’s leading cotton markets, particularly New York, India and China. Therefore, less activity and mixed trend witnessed in these markets had its toll over Karachi’s cotton market, brokers said.
On ready counter, there was selective buying from some leading spinning groups, but they too remained focused on quality cotton and this kept the trade volume low.
The Karachi Cotton Association spot rates were firm at overnight level at Rs8,800 per maund.
The following deals were reported to have changed hands on ready counter: 600 bales from Shahdadpur were done at Rs8,500; 400 bales, Kotri, at Rs8,500; 1,600 bales, Khairpur Mirus, at Rs8,550 to Rs8,750; 1,200 bales, Rohri, at Rs8,850 to Rs8,700; 1,400 bales, Saleh Pat, at Rs8,650 to Rs8,750; 800 bales, Dhotki, at Rs9,100; 600 bales, Dherki, at Rs9,100; 600 bales, Rahimyar Khan, at Rs9,000; 600 bales, Sadiqabad, at Rs9,000; 1,000 bales, M. P. Dewan, at Rs9,000; 1,000 bales, Mianwali, at Rs8,400; 1,000 bales, Yazman, at Rs8,275 and 800 bales from Bahawalpur were done at Rs8,275.
Published in Dawn, December 6th, 2018