MULTAN: Trading remained slow and restricted on the cotton market on Wednesday while the prices stood firm. The Karachi Cotton Association kept its spot rate unchanged at Rs9,000.

Talking to Dawn, cotton analyst Naseem Usman said, “Keeping in view the closure of Pakistan’s border with Afghanistan, extension of GSP+ status to the country and the ongoing fluctuation in dollar value against the rupee, unsold lint stock will clear soon.

Meanwhile, cotton expert Syed Muddabir Shah said that due to rains in cotton growing areas of Punjab, the arrival of phutti (seed cotton) has stopped. Deliveries to mills from ginning factories could not take place, he added.

“B-class cotton is being imported from the US on a large scale and that too at a price which is equal to best quality Pakistani cotton. Although 70 per cent mills have US cotton, they still need local lint,” he said.

Cotton stocks from Argentina, Brazil and South Africa are also being imported to Pakistan. However, by the end of cotton season, America will be the largest exporter of the commodity to Pakistan.

The following deals were reported to have changed hands on ready counter: 200 bales, Daharki, at Rs9,050; 800 bales, Rahim Yar Khan, at Rs8,850; 400 bales, Bahawalpur at Rs8,875, 380 bales, Haroonabad Rs8,450; and 200 bales, Khanewal at Rs8,300.

Published in Dawn, March 12th, 2020