MULTAN: Lint prices remained steady on Friday on the cotton market amid prevailing uncertainty due to fluctuating value of the rupee against dollar.

The Karachi Cotton Association, however, kept its spot rates unchanged at Rs8,400.

Market watchers said the prices of polyester fibre were increased thrice during the ongoing week which was happened after three years. “Usually the yarn prices change on the first working day of a week but this time it has been changed for three times due to fluctuating value of the rupee,” they added.

Sharp swings in the rupee-dollar exchange rate parity did worry ginners and spinners who were already protesting the government decision of imposing general sales tax on raw cotton, they noted.

The following deals were reported to have changed hands on the ready counter: 1,000 bales, Rahim Yar Khan, at Rs8,600 to Rs8,650; 200 bales, Mian Channu, at Rs8,500; 700 bales, Uch Sharif, at Rs8,400; 400 bales, Burewala, at Rs8,150; 200 bales, Khapro, at Rs7,950; 400 bales, Sanghar, at Rs7,900 to Rs7,950; 200 bales, Hydarabad, at Rs7,950; 400 bales, Mirpurkhas, at Rs7,900; and 1,000 bales, Tando Adam, at Rs7,900 to Rs8,000.

Published in Dawn, June 29th, 2019