KARACHI: In the abse­nce of buying interest the cotton market on Saturday remained listless. The continued falling trend in world leading cotton markets also adversely influenced market sentiment.

According to brokers, sluggish performance of the cotton yarn market and uncertainty over government’s economic policies is affecting the textile industry which is currently burdened with huge unsold yarn stocks.

Barring some select buying, the market remained devoid of much needed activity.

Global trade disputes and lack of confidence between top global economies is also depressing sentiments the world over, brokers added.

Trading remained around small lot deals originating from small textile spinners and needy millers who moved in to cover up their near future needs. The overall performance of the market remained dull and restricted.

Karachi Cotton Brokers’ Forum Chairman Naseem Usman in a letter to Prime Minister Imran Khan urged the government to work on war footing basis for increasing cotton production which was 15 million bales in 2015-16 but is now expected to be around 10.5m bales this season (2018-19).

If the reverse cotton production cycle is not arrested the country would be importing around 4m to 4.5m bales, he warned.

He urged the prime minister to ensure quality seed and pesticides and as well as timely availability of irrigation water to small farmers.

The world dealing cotton markets including New York cotton closed easy owing to renewed tensions on the trade front between China and US.

Trading on ready counter remained extremely slow though prices were steady. The Karachi Cotton Asso­ciation (KCA) spot rates were also firm at overnight level.

The following deals were reported to have changed hands on ready counter: 800 bales, station Tando Adam, at Rs7,700-8,200; 800 bales, Rohri, at Rs8,700-8,750; 1,000 bales, Saleh Pat, at Rs8,775; 600 bales, Ghotki, at Rs9,100; 1,000 bales, Rahim Yar Khan, at Rs9,000; 600 bales, Khane­wal, at Rs9,000; 400 bales, Sadiqabad, at Rs9,000; 400 bales, Fort Abbas, at Rs8,500; and 1,400 bales, Haroonabad, at Rs8,400.

Published in Dawn, December 9th, 2018