KARACHI, Dec 3: Dreary conditions prevailed on the cotton market on Tuesday where activity remained low due to lack of buying interest from leading spinners and exporters.
However, some needy mills lifted small lots to meet their near-future needs. A bumper cotton crop poses a tug of price war between ginners and spinners as both sides are stick to their positions, said floor brokers.
Consequently, trading volume somewhat remained low as prices also ruled steady. However, the underlying sentiments suggest prices would come under renewed pressure owing to larger crop size.
The estimate of higher production in most cotton growing countries is keeping prices under pressure the world over which was having its impact on the local market. The New York cotton market ended with all round falls for future contracts. There is a lack of buying interest which is keeping prices under pressure.
The Karachi Cotton Association (KCA) kept its spot rates unchanged and trading on ready counter was fairly moderate.
The following deals were reported to have changed hands on ready counter on Tuesday: 800 bales, Sahiwal, at Rs6,300, 600 bales, Khanewal, at Rs6,400, 600 bales, Kot Radha Kishan, at Rs6,400, 800 bales, Yazman Mandi, at Rs6,400, 1,800 bales, Bahawalpur, at Rs6,400 to Rs6,450, 1,000 bales, Burewala, at Rs6,450, 600 bales, Jalalpur, at Rs6,475 and 2,000 bales, Mianwali, at Rs6,625 to Rs6,650.