Dull trading on cotton market
MULTAN: Slow trading activity was witnessed on the cotton market on Friday aimed shortage of quality lint. The Karachi Cotton Association kept its spot rate unchanged at Rs9,050.
Cotton expert Syed Mudabbir Shah said that mills which could not import cotton earlier are now interested in purchasing the commodity from millers who were able to get foreign shipments. However, the price issue exists since the imported variety has higher rates as compared to local cotton, he added.
Due to short crop size, there is an increase in cotton cake demand which is leading to a surge in its prices, he noted. Cotton waste and mills which make thick yarn are also planning to import it from Turkey, he added.
Shah further said that exporters are also actively purchasing cotton waste as buyers from Bangladesh are interested in purchasing it from Pakistan.
The following deals were reported to have changed hands on ready counter: 200 bales, station Rahim Yar Khan, at Rs9,200; 400 bales, Sadiqabad, at Rs9,300; 400 bales, Khanpur, at Rs9,000; 200 bales, Haroonabad, at Rs8,725; 400 bales, Faqirwali, at Rs8,600; and 400 bales, Bahawalpur, at Rs8,700.
Published in Dawn, February 22nd, 2020