MULTAN: Easy conditions prevailed on the cotton market on Monday as both buyers and sellers remained on the sidelines.

Cotton brokers said Indian yarn exporters have now formally informed the Pakistani textile mills about their inability to fulfil their demand.

They said that as many as 80 per cent deals have been cancelled as the prices on the Indian market were increasing with each passing day.

Karachi-based exporters, who were depending on Indian yarn imports, are now buying from the local market.

Cotton Ginners Forum Chairman Ihsanul Haq said that soon after Pakistan declared its textile industry as zero-rated, India has announced Rs60 billion special package for its textile and apparel sector to create 10 million jobs in the next three years, attracting $30bn in exports. “This is called timely decision.”

Prices of phutti in Sahiwal were Rs3,100, Mian Channu Rs3,000, Bahawalnagar Rs3,150, Pakpattan Rs3,100, Arifwala Rs3,200, Burewala Rs3,225, Chichawatni Rs3,000, Chishtian Rs3,200, Degree Rs3,200, Badin Rs3,125 and Sanghar Rs2,075.

The Karachi Cotton Association cut its spot rate by Rs100 to Rs5,800 per maund (around 38 kilograms).

Major deals on the ready counter were: 200 bales from Samundari at Rs6,350, 200 bales Hyderabad at Rs6,000, 200 bales Sanghar at Rs6,050, 200 bales Shahdadpur at Rs6,150; and 200 bales Mirpur Khas at Rs6,125.

Deals of old crop included: 1,000 bales from Katcha Khoh at Rs5,950, 255 bales Vehari at Rs5,800, 800 bales Makhdoom Rasheed at Rs5,700, 1,600 bales Mian Channu at Rs5,250.

Published in Dawn, July 5th, 2016