The cotton market yesterday remained easy where moderate activity was witnessed. The underlying sentiment also remained uncertain.
Floor brokers said slump in cotton yarn market coupled with falling trend in world markets is keeping pressure on lint prices. Other major factors affecting prices are higher arrivals of phutti (seed cotton) in front of slow off-take of cotton from spinners and exporters.
According to market reports, the Trading Corporation of Pakistan (TCP) has started cancelling all those contracts with ginners who failed to meet the 15-day delivery period.
The state-owned corporation after doing sample verification continues to lift contracted cotton from ginners, but the slow pace is hardly having an impact on lint prices, brokers said.
