KARACHI: Listless buying and selling was witnessed on the cotton market on Thursday as consumers continued their seek for high quality lint which was briefly provide.
A little or no amount of high quality lint is left with the ginners proscribing buying and selling actions. These days spinners have began lifting even second and third grade cotton to satisfy their close to-time period demand, brokers stated.
Additionally ginners asking excessive charges for his or her restricted unsold shares was discouraging spinners from getting into into offers, they added.
Although main world cotton markets remained agency regardless of some correction witnessed in a single day on the New York Cotton Change (NYCE) however home market lacked regular buying and selling curiosity, brokers stated. The NYCE recovered a part of the in a single day losses as all of the futures contracts closed greater. The Indian cotton markets have been additionally reported to be agency.
Cotton analysts assume the market will stay devoid of exercise in days to return as shares with ginners are quick depleting and the subsequent crop continues to be 4-month away.
Nevertheless, needy spinners are wanting in the direction of the state-owned Buying and selling Corporation of Pakistan (TCP), which has round eighty four,000 bales from the final crop, for assembly their demand. The Karachi Cotton Affiliation (KCA) stored its spot charges at in a single day degree.
In the meantime, the TCP bought four,one hundred bales to a spinner at Rs5,860.
Revealed in Daybreak, April twenty ninth, 2016
Your email address will not be published. Required fields are marked *
Sign me up for the newsletter!
The content is the property of the Roznama Urdu and without permission of the publisher will be considered copyright infringement..