Some trading activity was seen on the cotton market, after a quiet period. The cotton trade improved to 3,000 bales (155 kilograms each) as some spinning mill-owners made buying in order to deliver cotton yarn to their clients and some moved in to restocking on Wednesday.
Due to slow off-take of cotton and cotton yarn, the entire cotton economy is presently faced with liquidity crunch as spinners are complaining about huge piled-up stocks of cotton yarn and ginners of raw cotton. Moreover, the cotton yarn dumping issue from India continues to unfavorably influence the local spinning industry.
The Karachi Cotton Association (KCA) spot rates remain firm at previous level and trading on ready counter was slow and restricted.
The following deals were reported to have changed hands on ready counter: 400 bales, Bahawalpur, at Rs6,475; 400 bales, Fort Abbas, at Rs6,625; 200 bales, Jalalpur, at Rs6,700; 1,000 bales, Ghotki, at Rs6,500; and 1,000 bales, Dharki, at Rs6,600.
On the global cotton market front, New York witnessed more selling pressure and barring far-off March 2015 contract all the other contracts ended with fresh losses after overnight correction.
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