FAISALABAD, Oct 23: The local cotton yarn market on Thursday remained bullish and speculators were transacting business due to unprecedented increase in the prices of cotton yarn increase in phutti rate.

During a round of the yarn market, it was observed that the genuine buyers were not visiting the market due to abnormal increase in the prices of cotton followed by unprecedented jump in the prices of cotton yarn from Rs5 to Rs7 per 10 lbs while Rs5 to Rs6 per pound of polyester cotton yarn.

It was also noticed that speculation mafia of the local yarn market was dominating and manoeuvring prices of the cotton yarn, polyester yarn and grey-cloth, just to achieve their own designs and get undue financial benefits.

No major change in the prices of cotton and polyester yarn was reported from the market.

A local yarn dealer, Haji Muhammad Idress, blamed the government for all this mess, which, he said, did not take any concrete measures to rectify the situation.

Chairman Pakistan Hosiery Manufacturers Association, Khurram Tariq, in a statement said that contradictory statements by the growers and ginners had confused the already confounded situation.

He demanded of the government to immediately convene a round table conference of all the stakeholders in textile sectors to discuss the current crisis.