KARACHI: The cotton market turned listless on Saturday as buyers and sellers took to the sidelines ahead of long Eidul Azha break. Rains and non-availability of transport – which is currently engaged in the haulage of sacrificial animals – kept proceedings dull and dreary.
The slowdown in activity on leading world cotton markets owing to ongoing US-China trade war is also affecting domestic market.
According to market sources, trading activity would start after Eid holidays. The arrival of phutti (seed cotton) –which is presently being hindered by rains – would also pick up pace. Ginners on their part are reported to have slowed down their operations and are not procuring phutti stocks. Rains are likely to affect the quality of the commodity.
The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs7,750 per maund.
According to official report no transactions was reported to have transpired on ready counter.
Published in Dawn, August 11th, 2019