Commodities: Cotton market fails to attract buyers
KARACHI: The cotton market failed to attract buyers on Monday amid uncertainty on the economic front.
Lower production figures also failed to attract buying, spinners. Most of the buyers restricted their activity to short-term demand.
Other reports have suggested that about 100 trucks loaded with cotton, Central Asian States are waiting for clearance at Turkham border.
Similarly, the industry is also complaining that cotton imports, India are also not allowed through land route or Wagha border. This means that cotton could only be imported by sea.
The industry would need around 4 million bales to meet the shortfall in the current crop which would not be more that 11m bales, brokers said.
The world’s leading cotton markets also remained under pressure with the Indian cotton losing between Rs100 to Rs500 per candy.
The Karachi Cotton Association (KCA) spot rates were firm at weekend level at Rs8,800 per maund.
The following deals were reported to have changed hands on ready counter: 2,000 bales, Shahdadpur were, at Rs8,250 to Rs8,300; 1,000 bales, Tando Adam, at Rs8,250 to Rs8,300; 1,000 bales, Saleh pat, at Rs8750; 1,200 bales, Khairpur Mirus, at Rs8,600; 1,000 bales, Sadiqabad, at Rs9,025 to Rs9,050; 1,000 bales, Rahimyar Khan, at Rs9,050; 400 bales, Layyah, at Rs8,500 and 600 bales from Fort Abbas were done at Rs8,750.
Published in Dawn, November 20th, 2018