KARACHI: Trading remained slow and restricted on the cotton market on Thursday.
Prices generally remained firm. However, traders adopted a wait-and-see approach in anticipation of the monetary policy. Towards the closing hours, the news of 0.25 basis points increase in the SBP policy rate further dampened the market sentiment on fear that this would increase the cost of doing business.
On the global front, the US-China trade negotiations are also feared to end in a deadlock. The world leading cotton markets gave a mixed trend, with the Chinese cotton closing easy and New York and Indian, firm.
The Karachi Cotton Association spot rates were unchanged at Rs8,700 per maund.
The following deals were reported to have changed hands on the ready counter: 1,000 bales from Moro were done at Rs7,900; 200 bales, Bahawalpur, at Rs7,850; 200 bales, Alipur, at Rs8,800 and 200 bales from Yazman were done at Rs7,900.
Source: The Dawn, Pakistan Friday, 01 February 2019