Fall in cotton yarn and fabric markets is depressing cotton trade, as leading spinners stayed away from the proceedings having already imported a substantial quantity of cotton due to which the cotton market turned easy on Friday, said floor brokers.
Despite the fact that stocks are low and there is little hope of any substantial arrival of phutti (seed cotton) during the current season, there are hardly any signs of panic buying.
Brokers said that millions of spindles would go idle in the coming days which would have a snowball effect on the entire textile chain.
According to cotton analysts, the only hope they see which would help induce imports of cotton yarn from countries like Pakistan is with China going to reduce its cotton cultivation area next year.
The KCA has cut its spot rates by Rs50 to Rs5,300 per maund.
Major deals to have changed hands on the ready counter were: 400 bales from station Faqirwali (Rs5,200), 400 bales Yazman Mandi (Rs5,325), 1,000 bales Mianwali (Rs5,475) and 600 bales Mianwali (Rs5,480).
On the global front, New York cotton market recovered part of the overnight losses where all the futures, except October 2016, recorded modest gains.
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