KARACHI: Uncertainty prevailed on the cotton market on Wednesday as India and Pakistan continue to restrict trade by imposing higher customs duties after recent border tension.

Reports suggest that following India’s latest 200 per cent import duty on Pakistani goods, Islamabad is considering taking similar counter measures.

The Indian cotton prices tumbled down between Rs100-400 per candy (356kg), as large number of import orders placed by Pakistani textile industry are likely to be cancelled.

According to reports, around 300 trucks loaded with different commodities are already at the Wagha border, awaiting entry clearance from the Indian side.

Meanwhile, world leading cotton markets maintained an upward drive under the lead of New York cotton.

The Karachi Cotton Association spot rates remained firm at Rs8,600 per maund.

Trading on ready counter was negligible and only one deal of 1,200 bales from Rohri was done at Rs8,750.

Published in Dawn, February 21st, 2019