Cotton trading on Monday lacked buying interest and closed easy in line with the global trend. Cotton market was adversely affected by slow arrivals of phutti (seed cotton).
Moreover, a crisis-ridden textile industry is cautious and seems to be in no hurry to build up stock from the new cotton crop, they maintained.
Recent rains across the country also hampered cotton picking both in Sindh and Punjab which restricted the availability of cotton.
Trading on the ready counter also remained slow. Major deals that changed hands were: 1,200 bales from Shahdadpur at Rs6,100 to Rs6,150 a maund, 800 bales from Tando Adam at Rs6,100 to Rs6,150, and 800 bales from Sanghar at Rs6,100 to Rs6,150.
At the Karachi Cotton Association, which fixed the new crop spot rates two days ago, adjusted them downward by Rs100 to Rs6,100 a maund (37.324 kilograms).
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