KARACHI: The cotton market gave listless conditions as buyers withdrew to the sidelines on Monday in the absence of any positive news.

Trading activity declined and only some deals emer­­ged from needy spinners who remained restricted to small lots.

The presence of IMF team in Islamabad and expected outcome of negotiations is being eagerly awaited by the market.

There are reports that cotton yarn stocks are piling up with spinners which is causing liquidity crunch for the industry. The price of polyester fibre slipped by Rs10 to Rs184 per kg.

The world leading cotton markets also witnessed slow trading and generally remained under pressure.

The Karachi Cotton Asso­ciation (KCA) spot rates also remained unchanged at weekend level at Rs8,900 per maund.

The following deals were reported to have changed hands on ready counter: 2,400 bales, Nawabshah, at Rs8,500; 400 bales, Khair­pur, at Rs8,6700; 600 bales, Rohri, at Rs8,700; 400 bales, Ghotki, at Rs9,150; 1,000 bales, Rahim Yar Khan, at Rs9,100; 1,200 bales, Sadiqabad, at Rs9,100; 2,400 bales, Rajanpur, at Rs9,700-9,050; 2,000 bales, Mianwali, at Rs8,725-8,900; 1,600 bales, Yazman, at Rs8,800-8,825; and 1,200 bales, Layyah, at Rs8,700.

Published in Dawn, November 13th, 2018