KARACHI: Dull conditions prevailed on the cotton market on Thursday with a slump in trading activity as buyers suddenly took to the sidelines.
The overall undertone was easy and outlook uncertain.
Although cotton price line by and large remained steady and static at overnight level but trading activity dropped down to extreme low.
There are reports that growers are holding huge quantities of unsold cotton as ginners have piled up stocks and are not ready to further purchase phutti (seed cotton).
World leading cotton markets remained under pressure. Indian cotton prices moved lower for all the varieties by Rs200 per candy.
However, there was some positive development as China has entered into contract to purchase 11,700 bales from United States.
The Karachi Cotton Association (KCA) spot rates were firm at previous level at Rs8,800 per maund.
On ready counter there was a steep fall in trading activity and according to market report only one deal of 1,000 bales from station Rahim Yar Khan was done at Rs9,100 per maund.
Source: The Dawn, Pakistan Friday, 14 December 2018