By admin       2018-05-17

KARACHI: Extremely dull conditions continued on the cotton market on Wednesday as buyers were conspicuous by their absence and no trading took place. Overall, the undertone was weak and outlook uncertain.Shortage of quality cotton is a major reason for lacklustre conditions but the rising tension and uncertainty on political front has shaken up the confidence of trade in general, brokers said. Under the given circumstances, when uncertainty about the next cotton crop should have attracted buying, buyers are reluctant to enter into deals. Consequently, the proceedings for the fourth consecutive session were extremely dull. Meanwhile, the draught like situation in lower Sindh shows no sign of improving. Mohammad Younus, a grower and phutti (seed cotton) broker from Mirpurkhas, told Dawn over telephone that cotton plants which were sowed in February and March have died due to little water and excessive heat. He complained that big landlords were stealing water close to the Sukkur barrage in upper Sindh, leaving lower Sindh dry. People held namaz-e-istisqa last Friday for rains, he said, adding that the situation is pretty grin and cattle is dying due to lack of drinking water. The world leading cotton market gave mixed trend with New York cotton recovering part of recent losses and Indian cotton was also steady. The Karachi Cotton Association (KCA) spot rates were unchanged at overnight level. There was no trading on ready counter.

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