Cotton Trading: Buyers kept on the sidelines
KARACHI: Cotton prices remained steady on Wednesday amid slow trading as buyers kept to the sidelines.
Floor brokers said that trading activity remained slow and restricted as spinners are facing liquidity problem owing to slump in cotton yarn market and government’s decision over GIDC.
In Faisalabad, many power looms have closed down because of power crisis and partly due to high cost. Strong resentment is being shown by the textile industry over GIDC which they feel will further enhance the cost of doing business.
There was little buying interest from the millers who generally preferred to stay away from the proceedings. Barring a few small lot deals the market remained devoid of trading activity, brokers said.
The Karachi Cotton Association (KCA) spot rates were unchanged.
The following deals were reported to have transpired on ready counter: 535 bales from Sultanabad done at Rs3800 to 3825, 600 bales Mirpurkhas at Rs3825, 200 bales Vehari at Rs4650, 400 bales Shujabad at Rs5500 and 400 bales Hasilpur at Rs5600.
The New York cotton market remained easy where all the futures fell because of mounting selling pressure.
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