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KARACHI: Fascinated by slashed cotton prices, spinners hastened to the market on Thursday to replenish their inventories. However, short supply of quality cotton lint limited trading activity.
Cotton prices across the globe are under intense pressure ever since China imposed 25% duty on cotton imports from the United States.
The sheer fall recorded by New York cotton market had adverse effects on other world cotton markets including Karachi Cotton where most of the deals were finalized on relatively lower rates.
The on-going trade war between China and United States has already disturbed the world commodity markets amid growing concern that this will ultimately result in global recession.
Moreover, the cotton yarn market also portrays an idle performance since Faisalabad is currently under critical financial crisis.
The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs5,300 per maund.
The following deals were reported to have materialized on ready counter: 600 bales, Rahimyar Khan, at Rs7,600; 602 bales, Uch Sharif, at Rs6,900; 300 bales, Fort Abbas, at Rs6,550; 600 bales, Haroonabad, at Rs6,250; 400 bales, Bahawalnagar, at Rs6,200; and 200 bales, Faqeerwali, at Rs6,200.