KARACHI: The cotton market lacked buying on Thursday as activity touched rock bottom in the absence of interest from spinning and exporters.
Floor brokers said deepening of crisis in the local textile industry coupled with global scenario of rapidly falling cotton prices were dampening sentiment. “All the major cotton markets including New York, China and India are depressed due to poor buying,” they added.
The local textile industry continues to complain about high cost of inputs against regional countries and dumping of cotton yarn and fabrics by India and Vietnam in the domestic market, but to no avail.
The cotton economy stakeholders say they are not being listened at any government level.
The ginners’ body convened a meeting last Monday in Multan to find out factors for crop failure and adopt measure to save next crop.
However, Punjab Minister for Agriculture Dr Farruk Jawed who was invited to chair the proceedings did not turn up which disappointed ginners.
The Karachi Cotton Association (KCA) has also called a similar joint meeting of the stakeholders on March 15, where the industry as well as growers and traders are invited. The phutti (seed cotton) arrivals dipped down and only 40,653 bales arrived at ginneries during the last fortnight.
The Karachi Cotton Association (KCA) spot rates were unchanged and the New York cotton market closed all-round lower to touch rock-bottom level.
According to KCA report, no transactions were reported to have changed hands on ready counter.
Courtesy : Dawn News