The sluggish off-take of cotton yarn and grey cloth in the domestic market has kept spinners away from the trading ring. With little buying interest, insipid conditions continue at the cotton market on Thursday. Though ginners were keen to enter into deals but falling world cotton prices have further depressed the local market.
Brokers said that the market is lacking buying interest, with huge lint stocks held by leading spinners who are also faced with unsold stocks of cotton yarn. In general, all related markets with cotton including, yarn, grey fabric, oil, oil cake, etc are currently depressed as there is a downward trend the world over.
The ginners are critical of the government’s policy of waiving of duty and taxes on import of cotton in mid-season.
It is generally being felt that by allowing duty free cotton imports, ginners are left with no buyers. With unsold stocks, the ginners are under financial crisis. Similarly, a substantial quantity of phutti (seed cotton) is still with growers.
At the Karachi Cotton Association (KCA) spot rates were firm at overnight level. On ready counter only one deal of 400 bales from Rahimyar Khan was done at Rs7,000.
Dull trading continued at the Karachi Cotton Exchange on Thursday, while spot rates remained unchanged. Only one transaction of 400 bales from Rahimyar Khan was recorded at a price of Rs7,000/maund.
The spot rates stood firm at Rs7,000/maund (37.324kg) and Rs7,502/40kg. Ex-Karachi rates also remained unchanged at Rs7,145/maund and Rs7,657/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
According to analyst, activity remained down, as buyers stayed on the sidelines and arrivals of imported cotton continued. Prices of local lint are expected to remain under pressure in the coming days.
The Punjab government is taking measures to control pest attack and improve quality of lint by banning early sowing of cotton. Cotton sowing will not start before April 1, 2018.
On global front, the New York cotton moved lower for all the future contracts and Indian cotton was also easy. However, Chinese market was close due to lunar holidays.
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