KARACHI: Dullness prevailed on the cotton market on Monday as buyers withdrew to the sidelines amid reports of sluggish cotton yarn off-take in domestic and world markets. Barring a few small deals, the market was devoid of interest. Low quality phutti (seed cotton) resulted in production of poor cotton which is affecting trading volume, brokers said.
According to private estimates, out of the four million bales expected to be imported this season around 2.2m bales have already been booked and are on their way.
On the global front, there was some stability in New York cotton market but Chinese and Indian cotton remained under pressure with later losing between Rs100 to Rs500 more per candy.
The Karachi Cotton Association (KCA) spot rates were firm at weekend level at Rs8,800 per maund.
The following deals were reported to have materialised on ready counter: 2,000 bales, station Khairpur Mirus, at Rs8,550-8,600; 800 bales, Dera Ghazi Khan, at Rs9,150; 2,000 bales, Taunsa Shareef, at Rs8,600; 400 bales, Faqeerwali, at Rs8,300; and 200 bales, Layyah, at Rs8,350.
Source: The Dawn, Pakistan Tuesday, 27 November 2018