Sluggish trading at cotton market

Reuters

Beijing

The cotton market witnessed sluggish trading on Monday as spinners continued to stay away amid slackness in demand for cotton yarn at domestic and international market, brokers said.  Trade volumes remained thin and just one small transaction of 400 bales was made over the ready counter at price of Rs5,150/maund.

The Karachi Cotton Association spot rate remained pegged at Rs5,250/maund or 37.324 kilogram.

Brokers said that cotton prices were almost flat at the ready counter amid slow trading.

“Spinners and exporters are reluctant to enter big deals at this point in time,” said a broker at the Karachi Cotton Exchange.

“They are in sidelines and waiting for the release of cotton arrival report from Pakistan Cotton Ginners’ Association (PCGA).”