KARACHI: Trading activity on the cotton market slowed down on Friday as leading buyers suddenly withdrew to the sidelines. The previous day’s brisk activity was no more evident.

Barring a couple of big lot deals the market turned slow as major textile spinning groups took to the sidelines after replenishing their stocks at higher level a day earlier, brokers said.

There was marked evidence of prices coming down on ready trading. The Karachi Cotton Association (KCA) also reduced spot rates by Rs50 per maund.

On the global front New York cotton moved up after US Department of Agriculture released export figures showing 52 per cent increase in export of cotton last week. However, Indian and Chinese market remained mixed to easy.

The Karachi Cotton Association (KCA) spot rates were lowered by Rs50 to Rs9,300 per maund.

The following deals were reported to have changed hands on ready counter: 1,600 bales, station Khairpur, at Rs8,900-9,125; 1,400 bales, Sadiqabad, at Rs9,550-9,700; 1,800 bales, Rahim Yar Khan, at Rs9,500-9,600; 600 bales, Yazman Mandi, at Rs9,100; 400 bales, Bahawalpur, at Rs9,100; 800 bales, Alipur, at Rs9,000; 600 bales, Rajanpur, at Rs9,000; 1,200 bales, Faqirwali, at Rs8,975; and 600 bales, Hasilpur, at Rs8,975-9,000.

Published in Dawn, November 9th, 2019