The Newspaper's Staff Reporter
February 10, 2018
KARACHI: The cotton market once again turned listless on Friday as buyers and sellers preferred to stay away from the trading ring. There was general lethargy and proceedings remained dull, in line with the global trend.
Depressed cotton yarn market has severely impacted trading – with low cotton demand from looms which are baldy suffering due to the dumping of Indian and Chinese grey cloth in the local markets.
Ginners on their part are also suffering as they are still holding over a million bales of unsold stocks and this could put them under financial crisis, brokers said.
On the other hand, big spinners are now busy in clearing their stocks of imported cotton and this has further dampened sentiments. There is a liquidity problem in the market and small spinners are in a quandary whether to build up stocks or not in front of slow off-take of cotton yarn.
The New York cotton market slightly recovered its recent losses and all future contracts closed with modest gains. The Indian and Chinese markets were also steady to mix. The Karachi Cotton Association (KCA) spot rates were unchanged at overnight level. The following deals were reported to have changed hands on ready counter: 2,312 bales, Rahimyar Khan, at Rs7,000; 1,600 bales, Khanpur, at Rs7,000; and 600 bales, Faqeerwali, at Rs6,400. (Source: dawn.com)