Dull trading on cotton market

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KARACHI: Listless trading witnessed on the cotton market on Monday as spinners and exporters adopted a cautious approach towards their future commitments amid worsening power crisis across the country.

Unsold stocks with ginners depleted to less than 350,000 bales yet there was no buying interest witnessed from the mills and spinners. Most of the commodity markets including cotton were lacking normal trading activities as the business community was waiting for formation of the new government.

Reports of water shortage worried growers especially from lower Sindh as low water level in dams could adversely affect the cotton sowing process for the new season.

The Sindh Agriculture Chamber had already raised alarm about water shortage and apprehended that it would badly affect cotton and sugarcane crops. The Karachi Cotton Association (KCA) kept its spot rates unchanged and on ready counter only one deal for 400 bales from Rasoolabad was finalised at Rs6,225.

Courtesy: Dawn

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