Less demand for yarn and low quality of old stocks, kept mills and spinners most of the time on the sidelines, due to which cotton market witnessed an eventless trading session on Friday. Not a single transaction was finalized on the cotton market.
The Karachi Cotton Association (KCA) left the spot rate unchanged at Rs5,500/maund. The KCA fixed the official spot rate, or base price, for Grade 3 cotton at Rs5,894/maund.
Grade 3 cotton has a staple length of 1-1/16†and micronaire value between 3.8 and 4.9 NCL (no control limits), which represents fine to coarse classes of cotton varieties.
In Sindh, seed-cotton prices were at Rs 2900-3050, per 40 kg, dealers said. According to the market sources, buyers were reluctant to enter in new deals because of slow demand for yarn.
According to cotton analyst, Naseem Usman, global market was in full swing but on the other hand, local spinning mill owners were not taking interest mainly because of low demand. Other experts also said that so far 600 bales of new cotton have been sold out. It looks the local mills and spinners were avoiding deals due to less supply of fine quality.
Ginners have around 100,000 bales of carryover stocks from the previous year.
However, spinners and exporters are meeting their demand through imports from India and other countries.
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