Sluggish trading at cotton market



The local cotton market remained sluggish on Tuesday, as traders remained on the sidelines in the absence of demand from importers, brokers said.

The Karachi Cotton Association reported that traders bought just 200 bales from the ginners at the conditional price of 5,600.maund.

The Karachi Cotton Association maintained the official spot rate at the previous level of 5,500/maund.

Brokers said the demand for the cotton yarn in the domestic market remains subdued.  Spinners and exporters are on the sidelines, especially in the absence of fresh triggers.

They also said the market is behaving on a very cautious note despite the proposed farm input subsidies and indicative cotton support prices by the government for the next fiscal year.