Trading activity remained extremely slow on the cotton market on Thursday with hardly any worth mentioning deals were reported to have changed hands on Thursday as Ginners were reluctant to sell their stocks at current rates, whereas the spinners on their part were making every efforts to pull prices in their favour. c
Trading activity touch rock bottom, as there seems to be no relief in rising trend in phutti (seed cotton) prices and this has been the main factor behind higher price demand from ginners.
However, floor brokers said that the duty-free market access given by the European Union to Pakistani products is the main driving force behind surge in phutti and cotton prices.
They added that cotton yarn market is also steady on higher demand from value-added textile sector.
The Karachi Cotton Association (KCA) revised spot rates higher by Rs50 to Rs7,000 per maund and trading on ready counter was extremely slow and restricted.
The following deals were reported to have changed hands on ready counter: 200 bales from station Liaquatpur done at Rs7,000 and 200 bales from Faqirwali done at Rs7,150.
Indian cotton market also closed steady on higher demand from spinners who expect to export cotton yarn at larger scale to Pakistan on getting GSP Plus status from EU.
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