KARACHI: The cotton market lacked trading interest on Friday as buyers withdrew to the sidelines amid an uncertain price outlook.

There were no signs of overnight brisk activity as leading world markets also turned easy. However, some needy spinners did indulge in small-lot trading.

The trading volume hit rock bottom as big spinning groups were pre-occupied in clearing their cotton consignments and taking no interest in the local market.

The cotton yarn and grey fabric markets were reported to be steady on strong demand from the value-added textile sector. The renewal of EU’s GSP+ scheme for another two years worked as an added impetus to the sector.

On the global front, the New York cotton reeled back for all the future contracts except for maturing March which rose by 1.63 cents per lb. However, Indian cotton moved lower by Rs200 per candy (356kg) while Chinese market was firm.

The Karachi Cotton Association (KCA) kept its spot rates at overnight level of Rs6,900 per maund.

On the ready counter, only one deal of 550 bales from Nawabshah was finalised at Rs6,000 per maund.

Published in Dawn, February 24th, 2018