Cotton prices remained lower on Wednesday as ginners fearing further decline in lint prices having long position rushed to unload their stocks at Pakistan cotton market.
According to floor brokers, slow moving cotton demand from spinners in front of lower export orders for yarn and high prices of cotton compared to import parity kept prices under pressure.
The situation is highly perplexed because short crop and poor demand from China owning to high cost of Pakistani yarn against Indian and Vietnamese variety kept trading activity slow and restricted.
Most deals were finalised at lower prices, though there was some rebound towards the closing stages. However, large groups of spinners continue to book cotton for import as they feel that domestic market prices are still higher than the import parity.
The Karachi Cotton Association (KCA) for second straight session also adjusted spot rates downward by Rs50 to Rs5,350 per maund.
Major deals that changed hands on ready counter were: 3000 bales from Khairpur done at Rs5450 to Rs5500, 1000 bales upper Sindh at Rs5550, 600 bales Chistian at Rs5400 to Rs5525, 600 bales Rahimyar Khan at R5650, 600 bales Sadiqabad at Rs5650, 600 bales Fort Abbas at Rs5500 to Rs5525, 600 bales Haroonabad at Rs5500 and 400 bales Alipur at Rs5500.
On the global front, the New York cotton market was seen coming once again under selling pressure.
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