MULTAN: The cotton market remained listless on Wednesday as ginners and buyers took to the sidelines owing to shortage of quality lint. The Karachi Cotton Association kept its spot rate unchanged at Rs9,100.

Cotton experts noted that trading activities in domestic and international markets are slow due to the annual vacations in China. The Chinese avoid any trading activities during these long vacations, a source added.

It was being expected that cotton trading and prices will pick up after the announcement of successful negations between China and the US over tariff. However, due to the ongoing holiday season, it will be another week before markets gain momentum.

Market sources said ginners are not in a hurry and will wait till the Chinese start purchasing cotton from the US. However they are worried by the lack of interest being show by growers who do not want to cultivate cotton crop next year.

Phutti (seed cotton) prices in both Sindh and Punjab remained between Rs3,200-4,800. Prices of cotton from Balochistan were quoted between Rs5,000-5,500.

The following deals were reported to have changed hands on ready counter: 600 bales, station Fort Abbas, at Rs8,550 (400 bales) and at Rs8,500 (200 bales); 400 bales, Haroonabad, at Rs8,600; 600 bales, Rahim Yar Khan at Rs9,300; 600 bales (seed quality), Khairpur Maher, at Rs9,400; 200 bales (Balochistan cotton), Dera Ghazi Khan, at Rs9,550; 200 bales, Khanewal, at Rs8,200; and 400 bales, Bahawalpur, at Rs8,550.

Published in Dawn, January 23rd, 2020