Low cotton buying

KarachiBuying in cotton at the local markets remained low, as several spinning mill-owners extended their stay on the sidelines due to slowdown in the sale of cotton yarn, a dealer said on Thursday.“Revival in sales of the yarn is a must for the much-needed boost in cotton buying,” said Naseem

By our correspondents
January 30, 2015
Karachi
Buying in cotton at the local markets remained low, as several spinning mill-owners extended their stay on the sidelines due to slowdown in the sale of cotton yarn, a dealer said on Thursday.
“Revival in sales of the yarn is a must for the much-needed boost in cotton buying,” said Naseem Usman, a broker at the Karachi Cotton Exchange.
Traders bought a total of 3,210 bales at Rs4,500 to Rs4,900/maund as compared to 3,900 bales bought at Rs4,000 to Rs4,950/maund a day ago, the Karachi Cotton Association (KCA) reported.
The KCA kept its official rate for cotton unchanged for the second working day Rs4,700/maund.
The broker said local markets are not recovering in line with the upward trend at the benchmark cotton market, New York. “This is happening because the recovery at New York is of short-term nature.”