KARACHI: Amid slow trading, the cotton market once again turned listless on Wednesday as buyers withdrew to the sidelines to mark time. Though the undertone was easy, the outlook was uncertain.
The market is eagerly waiting for the outcome of US-China trade negotiations which have entered final stages. Although some positive signals were received, so far domestic and global traders are unwilling to take risks till the final outcome of talks.
There were those who are marking time to see the results of Heimtextil which is the world’s largest textile exhibition. Around 222 Pakistani companies are participating in this fair in Germany. The fair normally opens up lot of opportunities for textile manufacturers of the world as a large number of buyers throng the event in order to see all related products in one place.
The world leading cotton markets gave mixed trend with New York and Chinese cotton closing higher and Indian cotton losing between Rs100-200 per candy (356kg).
The Karachi Cotton Association (KCA) spot rates were unchanged at overnight level at Rs8,700 per maund.
The following deals were reported to have materialised on ready counter: 1,000 bales, Khairpur Mirus, at Rs8,800; 200 bales, Khanpur Maher, at Rs8,800; 600 bales, Mianwali, at Rs8,300; 400 bales, Multan, at Rs8,000; 200 bales, Chichawatni, at Rs7,500; 400 bales, Pir Mahal, at Rs6,800 and 600 bales from Rahim Yar Khan, at Rs8,900.
Published in Dawn, January 10th, 2019