KARACHI: Cotton trading remained unattractive amid higher arrival of phutti (seed cotton) and depressed prices in most markets world over.
The buyers preferred sidelines after knowing that phutti arrivals during the outgoing fortnight (Oct 15 to Nov 1) rose 10 per cent compared with same period a year ago.
This strongly indicated that current season would yield a bumper crop, brokers said.
Besides, increased flow of cotton yarn from across the border is keeping spinners concerned about their stocks, they added.
Meanwhile, high-ups of Trading Corporation of Pakistan (TCP) and Pakistan Cotton Ginners Association (PCGA) met on Wednesday to fix modalities for the procurement of cotton from the ginneries.
Most of the world cotton markets remained easy where New York cotton finished lower for all the future contracts.
The Karachi Cotton Association (KCA) spot rates remained unchanged at previous level.
In the absence of buying interest, no transaction was reported to have changed hands on ready counter. However, some private deals were reportedly finalised towards closing stages, brokers said.
