Trading activity resumed on an extremely slow tone as the week opened at the cotton market as buyers stayed away due to slow off take of yarn and falling cotton prices in the world markets.
Although the SRO for waiver of duty and taxes on lint imports was issued by the government last week, spinners are now facing a new quandary as cotton yarn prices started to decline due to lack of buying from the value-added textile sector.
According to cotton broker Naseem Usman, the spinners have huge cotton inventories, due to which the yarn market has suddenly become depressed and slow.
Meanwhile, polyester yarn prices moved up by Rs2 per kg on the back of rising petroleum prices in the world market. Polyester yarn prices are expected increase in local market next month.
At the Karachi Cotton Association (KCA) spot rates were firm at week-end level and no transactions were reported to have changed hands on ready counter till late evening.
On global front, world leading cotton markets remained easy on Monday, mostly due to low US dollar value against other leading currencies of the world.
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