Trading on cotton market remains dull
KARACHI: The cotton market remained extremely dull and dreary on Saturday as textile spinning mills remained absent and there seemed to be little hope of any turnaround in near future.
The international and local factors continued to hamper smooth trading.
The domestic market had been performing much below its capacity owing to slow demand for cotton by the spinning industry which is presently working under the burden of huge unsold yarn stocks.
Consequently, amid thin trading, cotton prices remained under pressure and closed lower with official spot rates cut down by Rs100 to Rs8,700 per maund during the week.
The cotton rates for Sindh and Punjab varieties hovered between Rs7,000 to Rs8,800 per maund where as phutti (seed-cotton) was quoted between Rs3,000 to Rs3,900 per 40kg.