Cotton flat

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.