KARACHI: Sluggish conditions prevailed on the cotton market on Thursday as spinners were eager to buy quality lots only.
According to brokers, most commodity markets have slowed down throughout the country, undertaking only daily dealings on a short-term basis.
The cotton market has also resorted to such short-term planning as the textile industry is currently faced with huge unsold stocks of cotton yarn, they added.
Failure on part of the government to fulfil its commitments such as lower gas tariff for export-oriented industries and Rs8 billion allocations for export refund payments continues to shatter the confidence of trade and industry, brokers maintained. However, strong interest in quality cotton from some spinners was a positive development because most of the deals were finalised above Rs9,000 per maund.
However, the world’s leading markets maintained bullish trend with New York cotton closing higher for all future contracts and Chinese market standing firm.
The Karachi Cotton Association (KCA) kept its spot rates unchanged at Rs8,800 per maund.
The following deals were reported to have transpired on the ready counter: 600 bales, Khairpur Mirus, at Rs8,600; 1,200 bales, Rohri, at Rs8,700; 600 bales, Saleh Pat, at Rs8,625 to Rs8,700; 400 bales, Mirpur Mathilo, at Rs9,000; 600 bales, Ghotki, at Rs9,050; 1,400 bales, Rahimyar Khan, at Rs8,975 to Rs9,025; 400 bales, Sadiqabad, at Rs9,025; 600 bales, Khanewal, at Rs9,000; 1,800 bales, Rajanpur, at Rs8,750; 400 bales, Ahmedpur East, at Rs8,750; 1,200 bales, Haroonabad, at Rs9,700; 800 bales, Fort Abbas, at Rs8,625 and 400 bales from Hasilpur were done at Rs8,500.
Source: The Dawn, Pakistan Friday, 16 November 2018