Slow trading witnessed at the cotton market on Wednesday as leading spinners kept to the sidelines. Overall, the undertone was weak and outlook uncertain. However, some market reports suggest that slow off-take of cotton yarn was a major factor for poor performance of the cotton market.
Trading resumed on overnight dull tone, impacted by the issuance of an statutory release order (SRO) waiving duty and taxes on import of cotton.
At the Karachi Cotton Association (KCA), spot rates remain firm at the overnight level. Deals that changed hands on the ready counter were 5,600 bales, Rahim Yar Khan, at Rs7,200 to Rs7,725; 400 bales, Fort Abbas, at Rs6,750; 400 bales, Alipur, at Rs7,300; 400 bales, Faqeerwali, at Rs6,750; and 200 bales, Mianwali, at Rs6,500 to Rs6,550.
On global front, the world’s leading cotton markets closed easy. However, falling prices in India could not be comprehended, particularly when the leading cotton growing state of Maharashtra has recorded up to 37pc short crop.
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