KARACHI: Physical activity on the cotton market further shrank to a modest proportion on Monday as pricing ideas between sellers and buyers failed to find a meeting ground.
Unlike the previous week, both ginners and growers did not opt to sell their stocks of lint and phutti below their parity levels and firmly held on to their unsold positions, market sources said.
Last week phutti and lint prices had fallen below Rs2,000 per 40 kg and 5,000 per maund and as a result, stakeholders took a united stand to hold on to their positions rather than selling at the decline.
According to the chairman of Karachi Borkers Forum, Naseem Usman, a delegation of Pakistan Cotton Ginners Association met the Prime Minister in Multan last week and apprised him of the developing situation on the cotton front amid steep decline in prices.
A general body meeting of the PCGA members in Multan is going to suggest steps to ensure fair prices for both growers and ginners,he said.Physical activity on the ready market was at a low, although some of the lots, which changed hands were done on the higher rates as compared to the last weekend, dealers said.
Official spot rates did not show any change and were again firmly held at the previous level of Rs5,200, although some of the fine lots were traded Rs100 higher than them.
The following are some of the lots, which changed hands according to Karachi Brokers Forum:
SINDH TYPE: 400 bales, inferior quality, Mirpurkhas at Rs3,800, 800 bales, uppers Sindh at Rs51,00 to 5,150.
PUNJAB VARIETY: 400 bales each Rajanpur and Fazilpur at Rs5,300, 200 bales, Vehari at Rs5,200, 200 bales, Bahawalnagar at Rs5,100, 1,000 bales, Rahimyar Khan at Rs5,200, 400 bales and Sadiqabad at Rs5,150 to 5,200.