KARACHI: Trading activity on the cotton market slowed down owing to lack of buying interest from leading spinners on Saturday.
The world leading cotton markets also reeled back on poor trading.
As the current cotton season is fast approaching its fag end, owing to short crop, the quality of cotton is also becoming an issue and spinners are reluctant to book big lot deals.
However, leading textile spinning groups currently seem engaged in booking orders for imported cotton after the waiver of duties and taxes.
The prevailing world cotton prices are quite competitive, observed a leading spinner, and added that this will also help improve textile industry’s viability there is little wastage in imported cotton.
The Karachi Cotton Association remained firm at Rs8,700 per maund.
The following deals were reported to have changed hands on the ready counter: 400 bales from Moro were done at Rs8,200; 1,200 bales, Dherki, at Rs9,050-9,075; 400 bales, Mirpur Mathelo, at Rs8,800; 600 bales, Khanpur Mathelo, at Rs8,800 and 200 bales from Yazman were done at Rs8,050.
Published in Dawn, January 20th, 2019
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