KARACHI: The cotton market was lacklustre on Monday as buyers withdrew to the sidelines. There are no local or international developments behind the slowdown in trading activity, though market reports suggest that sluggish performance of the cotton yarn and fabric markets has forced textile spinners to temporarily move to the sidelines.

There are reports that Indian cotton is trickling into the local market, raising hopes of textile spinners that better quality lint will be available for their needs.

The world leading cotton markets including New York cotton and Chinese markets were firm.

The Karachi Cotton Association (KCA) spot rates were firm at week-end level at Rs8,700 per maund.

Trading on ready counter was listless and till the closing only one deal of 1,200 bales from station Mianwali was done at Rs9,000.

Published in Dawn, March 19th, 2019