Cotton market remains listless

They said millers bought 1,480 bales from exporters varying from Rs5,500 and Rs5,600 per maund, while 1,000 bales were traded from mill to mill at Rs5,575 per maund. Dealers said a bit of news revolved around the market that the government would approve nine Bt cottonseed varieties (four permanently and five for one year).

Official spot rates stayed unchanged at Rs5,550 per maund and Rs5,948 per 40kgs for average quality lint, according to the Karachi Cotton Association (KCA) in the local market.

On the other hand, in the world market there were signs of recovery, as New York cotton futures gained 0.78 and 0.78 cents at 82.28 and 83.52 cents per lb for both the ruling May and the forward July contracts respectively.