KARACHI: Listless conditions prevailed on the cotton market on Monday as there was hardly any buying interest from spinners who were reportedly holding substantial yarn stocks.
Floor brokers said that slow-off take of cotton yarn and fabric in domestic and world markets was keeping spinners apprehensive about the future of the textile industry.They added that demand by ginners’ body to ban cotton imports so that they could sell their stocks of around one million bales was rejected by spinners.
There was a general perception among the market circles that hardly 20 per cent of the cotton held by ginners was of quality whereas the remaining was of lower quality, brokers added.
Phutti (seed cotton) arrivals to ginneries have slowed down considerably and its price is ranging between Rs1,600 and Rs2,700 per 40kg. Meanwhile, India has convened world cotton conference in Goa to find out ways and means to check extensive damage to cotton crop owing to climate change.
The Karachi Cotton Association (KCA) spot rates were unchanged at weekend level.
Major deals on ready counter were: 200 bales from Faqirwali (at Rs5,200 per maund), 750 bales from Haroonabad (Rs5,200), 2000 bales from Rahimyar Khan (Rs5,250 to Rs5,500) and 1,966 bales from Sadiqabad (Rs5,500).