KARACHI: Listless conditions
prevailed on the cotton market on Wednesday as leading buyers withdrew to the
sidelines in the backdrop of falling world cotton prices.Trading was
overshadowed by higher world cotton production estimate and domestic traders
seemed to be waiting for cotton production report due on Thursday.
The lack of buying interest from leading spinners further pushed cotton prices
lower. However, ginners on their part remained steadfast and were not deterred
with falling prices.The New York cotton immediately came under correction when
reopened on Tuesday after remaining closed on account of public holiday a day
earlier. Only a day before going for holiday the market touched seasonal high
over 82 cents per lb.
The other world leading cotton markets also remained easy mainly because of
higher cotton production forecast by US Agriculture Department.Meanwhile,
textile industry looked worried over delay in issuance of statutory regulatory
orders related to withdrawal of duty and sales tax on import of cotton as
announced by the government earlier this month.The Karachi Cotton Association
(KCA) spot rates were adjusted downward to Rs7,500 per maund.The following
deals were reported to have materialised on ready counter: 1,000 bales,
Haroonabad, at Rs6,800; 400 bales Fort Abbas, at Rs6,750; 600 bales, Rahimyar
Khan, at Rs7,500 and 600 bales, Liaquatpur, at Rs7,500.
Source: The Dawn, Pakistan Thursday, 18 January 2018