Karachi
The cotton market witnessed a lacklustre trading session on Tuesday due to slack demand from spinners.
The Karachi Cotton Association (KCA) reported that traders bought 3,200 bales at inflated price of Rs5,900/maund.
Brokers said volumes remained thin as only two deals were finalised in the Punjab variety of cotton. They also said that leading spinning groups remained on sidelines owing to falling demand. The KCA rose spot rate by Rs50 to Rs5,600/maund or equivalent to 37.324 kilogram.
Cotton analysts said that market looks to remain trade in a narrow range this week where only needy mills can buy lint to cater their demand.
“The proposal of introducing support price of Rs3,000 for seed cotton of 40 kilogram is also being sought by the stakeholders to encourage growers to plant cotton on their fields,” said Naseem Usman, chairman of Karachi Cotton Brokers’ Forum.
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