The lack of buying interest from local textile industry influenced by world cotton marketsâ€™ downward trend, kept cotton prices under pressure for the second consecutive day on Wednesday. Although there was a revival of buying interest at the lower level yet the market remained devoid of much-needed activity.
The falling cotton prices attracted some buying in otherwise listless conditions. Many small spinners having no financial strength to import cotton were reported to be the main buyers who eagerly replenished their stocks at the lower level. The undertone, however, was easy and outlook uncertain.
As cotton rates declined by up to Rs1,000 per maund during last fortnight, phutti (seed cotton) prices also crumbled down to Rs2,600-3,200 from Rs2,900-3,500 per 40kg.
At the Karachi Cotton Association (KCA) spot rates were lowered by Rs100 more for the second consecutive day to Rs7,100 per maund.
The following deals reported to have changed hands on the ready counter were 600 bales, Khanpur, at Rs7,200; 1,000 bales, Burewala, at Rs6,400; 400 bales, Chistian, at Rs6,575; 200 bales, Haroonabad, at Rs5,900; 400 bales, Multan, at Rs6,450; 200 bales, Mianwali, at Rs6,450 and 200 bales, Chichawatni, at Rs6,400.
All the leading world cotton markets also remained under pressure and closed easy under the lead of New York cotton which recorded an overall fall in all future contracts except for the far-off October and December 2018 ones.
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