Insipid conditions on cotton market
KARACHI: Listless trading was witnessed on the cotton market on Thursday as buyers continued their search for quality lint which was in short supply.
A very little quantity of quality lint is left with the ginners restricting trading activities. Lately spinners have started lifting even second and third grade cotton to meet their near-term demand, brokers said.
Also ginners asking high rates for their limited unsold stocks was discouraging spinners from entering into deals, they added.
Though major world cotton markets remained firm despite some correction witnessed overnight on the New York Cotton Exchange (NYCE) but domestic market lacked normal trading interest, brokers said. The NYCE recovered part of the overnight losses as all the futures contracts closed higher. The Indian cotton markets were also reported to be firm.