Commodities: Sluggish trading on cotton market
KARACHI: Sluggish conditions prevailed on the cotton market on Thursday as spinners were eager to buy quality lots only.
According to brokers, most commodity markets have slowed down throughout the country, undertaking only daily dealings on a short-term basis.
The cotton market has also resorted to such short-term planning as the textile industry is currently faced with huge unsold stocks of cotton yarn, they added.
Failure on part of the government to fulfil its commitments such as lower gas tariff for export-oriented industries and Rs8 billion allocations for export refund payments continues to shatter the confidence of trade and industry, brokers maintained. However, strong interest in quality cotton from some spinners was a positive development because most of the deals were finalised above Rs9,000 per maund.