Cotton prices plunged further down on Wednesday due to renewed selling pressure, keeping the leading spinners and exporters away from the proceedings. But some millers were able to pick up small lot deals at the falling prices to meet their near-future demand.
Floor brokers said that slow demand for cotton yarn is causing adverse impact on the cotton prices as spinners are avoiding holding â€˜long positionâ€™ in their cotton inventory.
The spinners who had booked cotton earlier in the season with Indian exporters have started reaching the country and this is one of the factors which caused pressure on cotton prices.
Cotton stocks in the country are exhausting fast because phutti (seed cotton) arrivals have slowed down to a very low level.
However, even then prices of cotton during last two straight sessions remained under pressure which indicates that there is no buying interest from leading spinners who are now more dependent on imported cotton from across the border.
The Karachi Cotton Association (KCA) reduced its spot rates by Rs100 to Rs6,950 per maund, and trading on ready counter was slow.
The following dealers were reported to have changed hands on ready counter: 600 bales, station Faqirwali, at Rs6,925 to Rs7,000; 600 bales, Mian Channu, at Rs6,800 to Rs7,100; 200 bales, Fort Abbas, at Rs6,925; 400 bales, Khichiwal, at Rs6,925; 200 bales, Haroonabad, at Rs6,900; 200 bales, Yazman Mandi, at Rs6,850; 600 bales, Ghotki, at Rs7,050; 400 bales, Rohri, at Rs6,900; and 200 bales, Shahdadpur, at Rs5,500.
On the global front, the New York cotton market regained part of the overnight losses while Indian cotton price remained firm. The week long Lunar New Year closure of Chinese markets also slowed down cotton trade.
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