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KARACHI: Cotton trade was slow on the market due to absence of buyers’ interest. The underlying sentiment also remained easy and uncertain. There were only a few small lot deals from some mills as most leading spinners are abroad to attend a textile fair in Frankfurt, Germany.
Brokers said spinners are not in a hurry to build up their stocks as large crop size has dampened fears about the shortage of raw cotton.
Meanwhile, the Cotton Corporation of India (CCI) has already procured 4.1 million cotton bales against its target of 8m bales, which helped prices stabilise.
However, New York cotton came under selling pressure where all the future contracts ended with fresh losses.
Major deals finalised on ready counter included: 600 bales Burewala at Rs4,900, 600 bales Yazman Mandi at Rs4,900 to Rs5,100, 800 bales Haroonabad at Rs5,000, 600 bales Shujabad at Rs5,000, 800 bales Liaquatpur at Rs5,125, 1,000 bales Sadiqabad at Rs5,100 to Rs5,125, 1,200 bales Layyah at Rs5,150, 1,600 bales Rahimyar Khan at Rs5,150 to Rs5,200 and 400 bales Mianwali at Rs5,200.
