Temperate trading of cotton
Karachi: Trading on the cotton market remained moderate where buyers restricted their activity anticipating further fall in prices on higher phutti (seed-cotton) arrival figures due on Tuesday.
Floor brokers said that market generally remained steady amid moderate and slow trading as most of the buyers preferred avoiding taking ‘long position’ ahead of arrival figures of phutti.
They further said that phutti arrival figures up to Dec 1 are expected to around 11 million bales or about 10pc higher over last year.
Consequently buyers restrained their activity which left the market devoid of trading.
The global cotton market scenario also gave steady posture where China and India have so far not entered the world market to sell their huge exportable surplus.
India is expected to have around 10m bales of exportable surplus and China is holding huge carryover stocks from last season.
According to reports, yarn market is also moving steadily where some higher off-take from value-added textile industry is keeping prices firm.
The Karachi Cotton Association (KCA) spot rates remained unchanged at week-end level and trading on ready counter was moderate.