MULTAN: The trading on the cotton market remained slow and restricted on Monday as both buyers and sellers kept to the sidelines.
The following deals were reported to have changed hands on the ready counter: 200 bales, Sadiqabad, at Rs9,200; 600 bales, Rahim Yar Khan, at Rs9,150; 400 bales, Haroonabad, at Rs8,475; 200 bales, Lodhran, at Rs8,350; 800 bales, Khanpur, at Rs9,125; 400 bales Feroza, at Rs9,100; and 400 bales, Ghotki, at Rs9,225.
The Karachi Cotton Association kept its spot rates unchanged at Rs9,000 per maund.
Market watchers said the market lacked trading interest for second consecutive day due to ongoing rains in cotton growing areas of Punjab, while ginners were also reluctant to enter into deals adopting a wait-and-see policy ahead of government’s possible decision on lifting of duty on imports.
Also the release of Pakistan Cotton Ginners Association’s fortnightly report on Jan 18 is one of the factors stopping the ginners from entering into big-lot deals, they added.
They said despite import of cotton in huge quantities the spinners were ready to buy from the local market because shipments are not expected in short time, but ginners were not ready to oblige them at the prevailing rates.
However, ginners were of the view that local prices of the commodity will remain on the higher side given a short crop this season, they added.
Published in Dawn, January 14th, 2020