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Cotton price steady
KARACHI: The cotton market remained devoid of activity on Saturday as diminishing cotton stocks with ginners and higher imports by big spinners left little room for trading activity.
Floor brokers said that only small and financially weak spinners were active in the trading ring to meet their near-future demand. Since the current season is expected to end by the middle of the next month, little phutti (seed cotton) was left in the fields, they added.
Leading spinners are reported to have booked around 2.5 million bales for import and are currently engaged in receiving deliveries on payments. However, small spinners are totally depending on local sources.
The New York, Indian and Chinese cotton markets recovered.