The global trend heavily overshadowed sentiment at the domestic market, particularly the temporary shutdown of a large number of spinning units in China due to heavy smog, Under the influence of global trend, trading activity on the cotton market on Wednesday slowed down. The Karachi Cotton Association spot rates also remain unchanged.
Spinners generally preferred to abstain owing to slow off-take of yarn and textile goods. Barring needy spinners who indulged in short covering, the market remained devoid of activity.
This also impacted the New York cotton market which spearheaded the global downward trend in cotton prices. The Indian textile industry is also under crisis where spinners avoid building up their positions because retail off-take of textile goods have slowed down owing to currency crisis.
Major deals that changed hands on the ready counter were: 1,000 bales from Sanghar (done at Rs5,900), 1,000 bales Pithoro (Rs6,200), 600 bales Taunsa Sharif (Rs6,050), 800 bales Hasilpur (Rs6,100), 400 bales Vehari (Rs6,100), 800 bales Haroonabad (Rs6,365 to Rs6,400), 400 bales Fort Abbas (Rs6,400) and 1,200 bales Sadiqabad (Rs6,500).
On the domestic front, due to banksâ€™ closing on Dec 31 and a larger number of holidays during the last week of this year, spinners avoiding building up their cotton inventories, brokers said.
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