As buyers and sellers stayed away, dull and dreary conditions prevailed on the cotton market on Tuesday. Overall, the undertone was firm but the outlook uncertain as the market was directionless due to diminishing stocks and shortage of quality lint.
According to market reports, no transactions were reported on the ready counter.
At the Karachi Cotton Association (KCA) did not change the spot rates, currently pegged at Rs7,400 per maund.
High cotton prices are reportedly discouraging small spinners from making fresh booking from local market. Leading spinners are meeting their demand from imported cotton.
On global front, the world leading cotton markets also suddenly turned inactive and prices generally moved lower. The New York, Indian and Chinese cotton markets closed easy.
According to Cotton Association of Indiaâ€™s the crop assessment committee India has lowered cotton production figures for the third time to 30.62 million bales from the previous estimate of 30.67m bales. However, quantity of cotton exports has been increased from 5.5m bales from 6.0m bales.
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