☰
Listless trading on cotton market
KARACHI: The cotton market lacked trading activity on Monday as buyers generally remained to the sidelines. The undertone remained easy and outlook uncertain.
Floor brokers said that the ongoing financial crisis in the textile industry and reports of further closure of spindles have dampened demand for cotton.
The liquidity crunch faced by the entire textile supply chain, brokers said, is the main cause for sluggish demand.
The huge outstanding payment towards duty drawback and other levies is crippling the textile industry and its exports, they added.