Slow trading was witnessed on the cotton market on Tuesday as buyers remained away from the market and only a few deals took place. The Karachi Cotton Association cut its spot rate by Rs50.
Brokers said buyers were showing less interest despite the fact that new cotton season has started.
They said that as the Punjab government had discouraged early sowing in the country, buyers were waiting for the assessment of crop size which would take a few more days.
The government should announce
Supplies from the new cotton crop have improved as sizeable quantities have started arriving in the market, majorly from the coastal cities of Sindh. The Karachi Cotton Association kept its spot rate unchanged.
Cotton broker Syed Mudabir Shah said picking somehow gets momentum in cities in Sindh including Badin, Degree, Gularhci, Mirpur Khas and Umerkot.
He said the price of phutti (seed cotton) rose by Rs50 to Rs3,500 to Rs3,625. However, the price of cotton seeds reduced from R
