Cotton trade slow
Karachi: Trading on the cotton market remained slow amid reports that spinners have taken up the Indian cotton yarn imports issue at the highest level in Islamabad.
The slow off-take of cotton yarn in the domestic market is resulting in cash flow problem in the textile industry and is keeping the cotton market depressed.
Floor brokers said availability of Indian cotton yarn at cheaper price is causing injury to the spinning industry.
With little cotton stocks left in the country ginners also seem to be not in a hurry to dispose of their stocks at current prices. However, brokers said that there is acute shortage of quality lint and spinners are facing difficulty in getting higher grade cotton.
Barring small lot deals originating from some needy millers, the market remained devoid of activity and prices also stood on the lower side.
On the world markets New York cotton once again came under pressure where all future contracts closed with huge losses.
The Karachi Cotton Association (KCA) spot rates remained firm at previous level and trading on ready counter was slow.The following deals were reported to have changed hands on ready counter: 200 bales, Rohri, at Rs5,700; 200 bales, Samandari, at Rs6,850; 800 bales, Faqirwali, at Rs6,850; 200 bales, Gojra, at Rs6,850; 200 bales, Chichawatni, at Rs6,850; 200 bales, Rahimyar Khan, at Rs6,850; 800 bales, Sadiqabad, at Rs6,900; 200 bales, Yazman Mandi, at Rs6,900; 200 bales, Multan, at Rs7,000; and 1,200 bales, Vehari, at Rs7,050.