The Newspaper's Staff Reporter | March 06, 2018
KARACHI: Trading on the cotton market on Monday suddenly became listless as sellers and buyers locked horns. The sellers, after taking stock of the current situation, started asking for higher prices but the buyers were unwilling to oblige. As a result, activity dwindled to the lowest mark. The world leading cotton markets lately have been rising, totally disturbing the import parity. Due to this, spinners last week tried their utmost to replenish their stocks from domestic cotton.
Tight cotton supply owing to dwindling stocks and rising lint demand from spinners has pushed ginners to hold back the commodity in order to get higher prices in coming days. Meanwhile, New York and Chinese cotton market moved higher while India cotton gave mixed trend. Cotton growers in lower Sindh are complaining about water shortage which is delaying sowing.
Overall, less rains and snowfall has created waste shortage in the country. Meanwhile tail-end growers of Sindh have alleged that Punjab has stopped the water. Karachi Cotton Association (KCA) has downward revised cotton prices by Rs100 to Rs7,100 per maund. According to market reports only two deals were reported to have changed hands on ready counter: 400 bales, Ghotki, at Rs6,350 and 400 bales, Haroonabad, at Rs6,300. (Source: dawn.com)