KARACHI: Trading activity on the cotton market dwindled further on Thursday in the absence of buying interest from leading spinners who are reportedly keen on imports rather than replenishing their stocks with local lint.
Barring small deals, the market remained devoid of trading interest. Burdened with huge unsold yarn stocks and issues of quality, spinners are not interested in building their inventories from local cotton, brokers said.
Meanwhile, private estimates place cotton imports at 4 million bales for meeting domestic consumption demand and the import bill is expected to burden the already depleted foreign exchange reserves to the tune of $1.5 billion.