Listless trading on cotton market.

KARACHI -- Lacklustre conditions prevailed on the cotton market on Monday as trading touched rock bottom. The upcoming year-end bank closing kept proceedings devoid of activity.

Due to poor demand from textile spinners only one transaction of 200 bales from Rahim Yar Khan was reported at Rs9,000 per maund.

According to market sources, there seems to be an acute shortage of liquidity.

Talking to Dawn, brokers said ginners are reluctant to dispose their stocks at current rates in anticipation that cotton prices would rebound by the turn of calendar year.

Meanwhile, market sources anticipate that the government would be withdrawing duty and taxes on import cotton by mid January and this would help improve liquidity of textile sector.

On the other hand, ginners strongly oppose...