KARACHI: Lacklustre conditions prevailed on the cotton market on Tuesday with buyers mostly operating on day-to-day basis amid an uncertain economic outlook.
Spinners mostly concentrated their activity on quality cotton which was in short supply.
Despite the fact that crop size is much shorter than anticipated earlier, there was no buying enthusiasm from spinners who reportedly have huge unsold stocks of cotton yarn.
According to market talks, China has refused to accept a large number of containers loaded with cotton yarn shipped from India and Pakistan and this also had a negative impact on sentiment.
Phutti (seed cotton) prices also came down for all the varieties because of slow off-take of cotton and partly due an issue of quality. Spinners seem to be keen on importing cotton rather than buying locally.