Cotton market on Wednesday witnessed slow trading activity as crisis-ridden textile mills remained conspicuous by their absence. Most textile mills running out of working capital have started to shut down, brokers said. The Karachi Cotton Association kept its spot rates steady.
There were reports that many spinners have started to sell cotton from their stocks rather than converting it into yarn. Similarly, many big exporters engaged in textile goods exports were also reported to have closed down their businesses and there were reports of rising unemployment in the textile industry, brokers said.
Uncertainty arising out of the current political situation also depressed business activity across the country.
The trade and industry mostly complain of inconsistency in government policies which often caused huge losses to trade and industry and current fluid political situation was adding fire to the situation, they added.
Major deals on the ready counter found to have changed hands were: 400 bales Rahimyar Khan at Rs6,900 per maund (around 37 kilograms).
In India with cotton market reported to have closed easy while the worldâ€™s leading cotton markets remained firm.
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