The Newspaper's Staff Reporter
September 14, 2018
KARACHI: Lower cotton production estimates given by the Cotton Crop Assessment Committee (CCAC) failed to influence trading on Thursday as prices rather moved lower in line with the world trend.
During the first half of the session prices moved lower in the range of Rs50 to R100 on ready trading, brokers said. However, sustained buying from some needy spinners helped avert major setback as prices started to stabilise towards the closing stages for quality lint. Ideally prices should have risen after lower cotton production estimates given by the CCAC but slow off-take of yarn was reported to have depressed sentiment.
Another factor for sluggish performance by the cotton market was reported to be Muharram as spinners preferred to defer their future deals for some time, brokers added. The Karachi Cotton Association (KCA) revised its spot rates downwards by Rs100 to Rs8,200 per maund.