KARACHI: The cotton market remained listless on Wednesday as buyers stayed away from the trading ring.
Due to absence of buying interest, the undertone turned easy and outlook, uncertain.
The Karachi Cotton Association spot rates remained firm at Rs8,600 per maund and no deals were reported to have transpired on the ready counter.
Cotton traders have generally showed their satisfaction over the government’s move to enhance cotton crop size and seek assistance from China in research.
However, the sentiment remained depressed due to global cotton market slump.
The world leading cotton markets remained under pressure with New York cotton closing at 69.78 cents per lb with fresh losses, the lowest rate of the season.
Meanwhile, developments on the domestic front are not encouraging either.
Market reports suggest that spinners are currently worried due to their huge inventories of cotton yarn with little demand is emerging from the value-added textile sector.
The open-end weaving sector is also currently working below its usual capacity as fabric demand is low.
Published in Dawn, February 14th, 2019