Karachi
The cotton market remained eventless on Monday as traders stayed on sidelines with a sluggish cotton yarn demand, brokers said.
Official spot rate remained pegged at Rs5,500/maund while, in the ready section only a single deal (500 bales) in Sindh was finalised at Rs4,200/maund.
The market lacked trading interest on declining demand from spinners and mills. Moreover, buyers were also waiting for slide in lint prices in anticipation of further slowdown in demand.
The shortage of premium quality lint also kept the spinners in a listless condition.
Resultantly, the market failed to maintain a support level of 5,800/maund during a whole trading session.
Brokers foresee the market to remain depressed, especially in the presence of dull demand from the textile industry.
In this picture, the PCJCCI logo can be seen on September 1, 2022. — Facebook/Pakistan China Joint Chamber of...
A representational image of a US flag pictured alongside a street sign reading "Wall Street" in the New York city. —...
A security guard sits in front of a wall with signs and slogans at the operation building at the Pakistan Steel Mills ...
A worker cleans the entrance to the headquarters of Bank Indonesia, the nation's central bank, in Jakarta, Indonesia....
The MCB's logo is seen on a wall outside the bank's head office. — MCB websiteKARACHI: MCB Bank Limited on...
A foreign currency dealer counts US dollars at a shop in Karachi. — AFP/FileKARACHI: The rupee lost ground against...
