KARACHI: The cotton market on Wednesday turned listless in the absence of buying and selling interest. The undertone, however, remained steady but outlook uncertain.

Brokers said the trade and industry seemed to be desperately waiting for the budget and were therefore not ready to take any long-term step.

However, a deal of 200 bales was reported from Muridwala from the new crop at Rs7,000 per maund (around 37 kilograms).

Ginners meanwhile continue to urge the government to incentivise cotton growers so that the last two years’ huge crop shortfall of up to five million bales could be reduced. The ginners want support price should be given to phutti (seed cotton).

The Karachi Cotton Association kept its spot rates unchanged.

Trading on the ready counter remained listless and only one deal of 2,000 bales from Shujabad was reported at Rs6,900 a maund.

On the global front, the Indian cotton market recovered but Chinese and New York markets closed easy.

Published in Dawn, May 25th, 2017