MULTAN: Slow trading was witnessed on the cotton market on Saturday as ginners were reluctant sellers anticipating surge in prices amid short global production of the commodity.However, the Karachi Cotton Association kept its spot rate unchanged at Rs9,000 per maund.
In its latest monthly report, the US Department of Agriculture (USDA) reported a decrease of 0.52 per cent, or 0.63 million bales, in cotton production across the world with sharp losses were recorded in Pakistan, Turkey, Australia and Republic of Mali.
The USDA also reported a reduction in consumption of the commodity. The global import and export of the commodity was also down by 0.55m bales.
Cotton brokers said that the trading was slow as ginners were hoping for a price increase amid expectations that the US and China will sign phase 1 of trade deal on tariffs next week.
The following deals were reported to have changed hands on the ready counter: 400 bales, Ghotki, at Rs9,300; 200 bales, Hasilpur, at Rs8,300; 1,200 bales, Dera Ghazi Khan, at Rs9,150; 400 bales, Bahawalpur, at Rs8,600; 800 bales, Rahim Yar Khan, at Rs9,100; and 600 bales, Faqirwali, at Rs8,500.
Published in Dawn, January 12th, 2020