Cotton markets in Pakistan remained sluggish as a majority of spinning mill-owners continued to stay out of the markets in hope for a further decline in the commodity price, a dealer said on Wednesday.
“Trade activities at cotton markets remained slow as a majority of the mill-owners did not make fresh buys and opted to wait for a decline in the commodity price,” he said.
“Low trade activities being recorded everyday for the last about six-seven weeks are giving hope to cotton-yarn manufacturers that the situation will result in a decline in the commodity price,” he said.
Traders exchanged a mere 6,140 bales (of 155 kilogram each) at Rs6,700 to Rs7,050 per maund as compared to 6,140 bales traded at Rs5,800 to Rs7,000 per maund a day a go, Karachi Cotton Association (KCA) said.
Meanwhile, KCA kept its cotton spot rate unchanged for the third working day at Rs6,900 per maund.