KARACHI: The cotton market witnessed slow trading on Friday after a long closure on account of Eidul Azha and Independence Day celebrations even though the volume remained restricted.

Brokers said the trading activity will increase in the next few days as phutti (seed-cotton) arrivals from Punjab likely to begin late this month or early September in larger quantities.

No major damage reported to crops by heavy rain in Sindh and Punjab but high moisture did affect the quality of lint, brokers said.

A large number of ginning factories are set to start their operations following pick up in phutti arrivals, brokers said. The textile industry is delaying their buying plans to grab quality lint from some districts of Punjab.

Meanwhile, the leading world cotton markets stabilised after US decision to delay imposition of fresh tariffs on some of Chinese products including textiles.

The Karachi Cotton Association (KCA) kept its spot rates firm at pre-Eid level of Rs7,750 per maund.

Slow trading witnessed on the ready counter as markets in Punjab remained closed on Friday. Following are some of notable deals: 700 bales, Shahdadpur, at Rs7,800; 800 bales, Sanghar at Rs7,650-7,700 and 400 bales, Hyderabad, at Rs7,650-7,700.

Published in Dawn, August 17th, 2019