No buying interest from spinners kept cotton trading activity listless on Thursday. On the contrary, reports were circulating in the market that many spinners have started to sell their cotton stocks to other units who are in need of cotton, broker said.
Consequently, the market totally lacked trading activity though prices remained steady.
Brokers said that political uncertainty has forced the trade and industry to reduce their activity. The textile industry had already been faced with a number of issues like high cost of doing business and liquidity crunch.
The ginners are finding difficulty in disposing of their limited stocks of unsold cotton as spinners are least interested in purchasing cotton.
The Karachi Cotton Association kept its spot rates unchanged.
According to official report, only one transaction of 1,000 bales from Bahawalpur changed hands at Rs7,000 per maund (around 37 kilograms).
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