May 16, 2018
KARACHI: Sluggish business was seen on the cotton market on Tuesday as mills did not take interest in fresh buying due to non-availability of lint cotton, dealers said.
The official spot rate was unchanged at Rs 7400, they added. In the ready session, approximately, 1200 bales of cotton changed hands at Rs 7750, they said.
According to market sources the ginners have limited un-sold stock of cotton, but the buyers are not interested in purchasing due to low quality. Cotton analyst, Naseem Usman said that leading buyers were looking some active in exchange of views over the current issues on political front before elections.
Other analysts said that irrigation supply of water is hampering cotton sowing because young plants dried due to shortage of water and excessive heat.
Buyers were not getting their desired quality of cotton, so they were on the sidelines, they adding that the ginners have only over 2 lac bales of cotton, which are not enough to meet their demand.
A deal of 1200 bales of cotton (exporter to mill) from Sadiqabad was reported at Rs 7750, they said. (Source: Business Recorder)