MULTAN: Uncertainty prevailed on the cotton market on Tuesday as traders remained cautious and avoided entering into big deals.

Brokers said that the market was under pressure, but ginners refused to reduce their asking prices.

A deal was done at Rs9,100 in Ghotki indicating that spinners were ready to purchase good quality cotton at any price to produce high count yarn to meet their near-term requirements.Market watchers said that about 170,000 bales were imported from Afghanistan during February- March period, but the volume of wax in Afghan cotton is creating problem as the spinners are being forced to add maximum share of good quality cotton.

They said that in contrast to international trend, the local market witnessed a slight decline of just Rs200 in the last one week.They said that textile mill owners were asking the government to extend duty-free cotton imports beyond June, but the Pakistan Cotton Ginners Association was opposing the demand.

Two deals of phutti from Kehror Pacca and Yazman were finalised at Rs4,100 and Rs4,150 respectively.

The following deals were reported to have changed hands on the ready counter: 1,090 bales, Deharki, at Rs8,900; 800 bales, Ghotki, at Rs9,100; 800 bales, Nawab Shah, at Rs8,800; 722 bales, Bhira, at Rs7,800; 600 bales, Ghotki, at Rs9,400 (conditional); 800 bales, Khanpur at Rs9,000; 200 bales, Rahim Yar Khan, at Rs8,900; 1,600 bales, Bahawalpur, at Rs8,450/8,500; 400 bales, Khanewal, at Rs8,300; 380 bales (low quality), Vehari, at Rs7,700 and 400 bales, Dera Ghazi Khan, at Rs8,600.

Published in Dawn, May 8th, 2019