KARACHI: The cotton market witnessed dull activity as traders remained on sidelines in the absence of fresh demand.
The state-owned Trading Corporation of Pakistan (TCP) sold 200 bales to spinners and exporters after ginners didn’t participate in the trading. They refrained from selling the commodity at the prevailing prices. Cotton dealers said spinners were hesitant to buy cotton from the TCP. It sold low quality lint at high prices, they added.
They expressed concern over the surge in the local cotton prices when prices at international markets stayed stable. The spot quotation remained unchanged at Rs5,500/maund.
