KARACHI, Aug 4: Trading on the cotton market on Friday remained at low ebb for the third session in a row owing to a major power breakdown since Aug 1.

The most affected were those private sector cotton exporters, spinners and ginners whose offices are located in the cotton Exchange Building, but the KESC failed to restore the power despite many SOS sent to its higher authorities, Karachi Cotton Association (KCA) sources said.

“Never before in the history of the KCA such a long power interruption was witnessed,” sources said, adding which “caused heavy loss of foreign exchange as exports of textiles and yarn were disrupted.”

As a result, physical business was light, although some of the dealers reported stray business in the new crop from some of the lower Sindh ginneries, brokers said.

The activity in part was also affected because of rain both in Karachi and the Sindh cotton belt where picking operations of phutti remains suspended as the fields are still wet and post-rain moisture is on the higher side.

However, reports coming in from the central Punjab cotton belt indicate owing to a clear weather physical activity there was normal and spinners were lifting ready stock of new crop around Rs2,500.

Meanwhile, the TCP announced the sale of 14,000 bales of various grade of lint against its latest tender for 32,000 bales, reflecting lower offers by the prospective buyers.

The highest and lowest rates at which the TCP accepted the bids for both fine and grade III lots were Rs2,381 and Rs2,342 respectively.

Official spot rates were again held unchanged at the previous levels but some of the deals done in the ready section were done below the level of Rs2,500 per maund.