KARACHI: Trading acti­vity on the cotton market remained slow on Wednes­day amid lack of demand from spinners. The undertone, however, remained steady but outlook uncertain.

Brokers said shortage of quality cotton, and liquidity crunch faced by the textile industry as a whole were causing slowdown in trading.

Sluggish cotton yarn market due to falling exports has been another factor which kept cotton demand restricted, they said.

Most of the leading world cotton markets gave rising trend, with Indian market remaining steady.

There were reports that many Chinese companies are seeking joint ventures with Pakistani textile companies. Some Chinese firms are already looking for land in many industrial areas.

The Karachi Cotton Association left its spot rates unchanged. A big deal of 2,000 bales from Khanpur at Rs7,000 per maund (around 37 kilograms) was reported on the ready counter.

Published in Dawn, April 27th, 2017