MULTAN: Steady conditions prevailed on the cotton market on Thursday where activity remained low due to lack of buying interest.

The Karachi Cotton Association reduced its spot rate by Rs50 to Rs8,800.

Ginners with stocks of good quality cotton are of the view that the value of Pakistani rupee will depreciate further against the dollar and hence are unwilling to enter into deals at low prices.

Meanwhile the cotton yarn market is also under pressure where prices have fallen by Rs100 per pound during the last few days.

According to sources, containers with 32,600 bales have also left for Pakistan from the US during this week.

Floor brokers said the announcement by US President Donald Trump to increase tariff on Chinese products has created uncertainty on the international cotton market.

The following deals transpired on ready counter: 400 bales from Rahim Yar Khan, at Rs8,900; 200 bales from Chani Goth at Rs8,500; 370 bales from Lodhran at Rs8,100; and, 400 bales from Khanpur at Rs9,000.

Published in Dawn, May 10th, 2019