Slow trading on cotton marketArchive
KARACHI: Subdued trading was witnessed on the cotton market Thursday as spinners were not ready to build up their positions amid uncertain outlook.
Floor brokers said there was no buying enthusiasm and buyers only covered up their near-future position. However, cotton prices remained close to overnight position amid routine activity.
Buyers generally marked time to know about the outcome of the scheduled meeting on Thursday between the All Pakistan Textile Mills Association (Aptma) and the government.
Therefore, there was general lethargy in trading activity which did not impact the price line on ready counter and the spot rate of the Karachi Cotton Association (KCA) also remained unchanged.
Phutti (seed cotton) arrivals report released by the ginners’ body was quite disappointing as the crop stood short by 28.93 per cent, or 3.5 million bales, thereby sending shock waves through the textile industry.
Under normal circumstances this should have triggered buying spree, but the current crisis being faced by the spinning industry in particular and textile industry as a whole did not impact cotton trading.
The New York cotton market gave mixed trend where some future moved higher and others closed with fresh modest gains.
Major deals on ready counter included: 600 bales from Kazi Ahmed done at Rs5,250, 1,000 bales Khairpur at Rs5,325 to Rs5,350, 800 bales Saleh Pat at Rs5,425, 600 bales Ghotki at Rs5,550, 400 bales Kassowal at Rs4,725, 600 bales, Chichawatni at Rs5,100, 800 bales Vehari at Rs5,200 to Rs5,250, 500 bales Yazman Mandi at Rs5,350, 600 bales Mianwali at Rs5,550 and 1,200 bales Rahimyar Khan at Rs5,575 to Rs5,600.