The Newspaper's Staff Reporter | February 28, 2018
KARACHI: The cotton market remained devoid of activity as buyers took to the sidelines on Tuesday. and no deals were reported on the ready counter. The trading activity shrank sharply as the cotton season nears its end. However, cotton prices remained firm despite the fact that trading activity touched rock bottom.
The rising trend on the world’s leading cotton markets had been instrumental in keeping prices steady. Leading buyers remained conspicuous by their absence whereas small spinners did not take interest as they had already replenished their stocks. The undertone was firm but outlook uncertain.
The New York cotton touched a fresh peak of 82.75 cents per lb with all the other future contracts also closing higher. Indian and Chinese markets also firmed up. Cotton broker Mohammad Anwar told Dawn that the market was witnessing a slow trading which kept prices steady. Yarn and grey fabrics off-take was also slow. The Karachi Cotton Association (KCA) left its spot rates unchanged at overnight level. (Source: dawn.com)