KARACHI: The cotton market gave dismal performance as buyers and sellers shied away from trading on Saturday.

Buyers were cautious due to the issuance of statuary release order (SRO) for duty free import of cotton while soaring world prices prevented sellers in the promise of a higher future rate.

The steady cotton and phutti (seed cotton) prices strongly indicated the current phenomenon to be temporary since the official spot rates stayed firm at Rs7,500 per maund and phutti prices fluctuated on the higher side of Rs2,800-3,500 per 40kg range.

On the global front New York cotton market moved higher beyond 84 cents per lb while Indian and Chinese markets stayed steady.

The Karachi Cotton Association spot rates were stable at Rs7,500 per maund.

200 bales from Haroona­bad at Rs6,850 was the only deal to have taken place at the ready counter.

Published in Dawn, January 21st, 2018