Cotton market on Monday continued to remain lifeless as where buyers and sellers moved to the sidelines. The trading activity dipped down to rock bottom and only a few deals transpired. However, prices remained steady and underlying sentiment were also strong.
As a result of this it seems that both buyers and sellers have taken a pause before making their next move.
The Karachi Cotton Association (KCA) spot rates were steady at previous level and trading activity on ready counter was slow and restricted.
The following transactions were reported to have changed hands on ready counter on Monday: 3,000 bales from station Daur at Rs7,200, 234 bales from Kabbirwala at Rs7,100, 200 bales from Kassowal at Rs7,100 and 400 bales from Mianwali at Rs7,200.
Floor brokers said that the large participation by Pakistani exhibitors of textile goods in the Heimtextil fair in Frankfurt, Germany, from Jan 8 to 11 produced good results. The returning participants were generally optimistic on receiving large export orders.
A large turnout of buyers on Pakistani stalls in the fair was quite encouraging, a participant told Dawn. However, it would take about two to three months before the things mature and export orders are finalised for shipments.
The response was mixed but participants were generally confident about the outcome of the results because buyers were seen more focused on Pakistani stalls.
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