Cotton falls

Karachi

Cotton trade remained lacklustre on Friday as spinners seemed reluctant to make any major buying.

Traders lifted 600 bales from the ready market at Rs5,400-5,450/maund.

The Karachi Cotton Association cut spot rate by Rs50 to Rs5,500/maund on slow demand from the buyers.

Cotton brokers said spinners and mills lacked buying interest despite having demand as they sensed asking prices by ginners were still high.

Ginners were also not in the mood to sell stocks at the current prices. They see some increase in the prices due to the supply constraints, caused by acute shortage of cotton in the local market.   

Spinners are also worried about the depleting stocks held with ginners. They continue to import cotton from overseas markets, especially India to meet their requirement.