KARACHI: Listless conditions prevailed on the cotton market on Monday as buyers took to the sidelines, though there were no new developments which could have adversely impacted sentiment.
Tension between Pakistan and India in the aftermath of the Pulwama attack has trade and industry perturbed.
No restriction or extra duties have been imposed by Pakistan on cotton coming from India. However, the Indian side has halted the delivery of the commodity to Pakistan.
Market reports suggest that presently global trade is keenly focused on the US-China negotiations and some positive indications are coming out from Washington and Peking.
Meanwhile, market analysts could not find any reason for the upward revision in Karachi Cotton Association (KCA) spot rates by Rs100 to Rs8,600 per maund.
Trading on ready counter was extremely slow as textile spinners were conspicuous by their absence. According to official figures only two deals were reported to have transpired: 400 bales, station Rajanpur, at Rs8,875 and 2,200 bales, Rahim Yar Khan, at Rs8,600-8,800.
Published in Dawn, February 26th, 2019