MULTAN: Slow trading was witnessed on the cotton market on Wednesday as buyers and sellers continued to stay away. Price of quality cotton increased by Rs400, though the Karachi Cotton Association kept its sport rate unchanged at Rs8,900.

Market sources said some 60,000 bales have reached on the Afghan side of the Torkham border and will find their way into Pakistan from January 15 — the date on which duty on cotton imports will be lifted.

Sources further said that 1.4 million bales are expected from the USA in near future. However, if the government extends the date for lifting import duty, prices of local cotton will further increased, they added. There is shortage of quality cotton in the country due to a decrease in production. Hardly 20 per cent quality cotton is available among the present stock in the country. Due to good quality lint shortage, small mills are purchasing imported cotton from other mills. A deal of 200 bales took place on Wednesday at Rs10,800.

Phutti (seed cotton) prices remains between Rs3,800-4,800 in Punjab and Rs3,300-4,700 in Sindh.

The following deals were reported to have changed hands on ready counter: 1,200 bales, station Rahim Yar Khan, at Rs9,500 (stock rate); 400 bales, Dera Ghazi Khan, at Rs9,300; 400 bales, Rajanpur, at Rs9,450 (stock rate); 200 bales, Daharki, at Rs9,200; 400 bales, Saleh Pat, at Rs8,300; 400 bales, Kumb, at Rs8,125; 200 bales, Faqirwali, at Rs8,450; 400 bales, Hasilpur, at Rs8,250; 1,000 bales, Sadiqabad, at Rs9,100; and 400 bales, Khanpur, at Rs9,000.

Published in Dawn, January 9th, 2020