MULTAN: Slow trading was witnessed on the cotton market on Wednesday as buyers and sellers were conspicuous by their absence, however, prices remained stable. The Karachi Cotton Association kept its spot rate unchanged at Rs9,100.
Cotton analyst Naseem Usman said that though ginners are worried by the absence of buyers, they are not ready to slash prices of the commodity. “Millers are more focused on cotton imports and this is a matter of grave concern for the ginners,” he added.
Cotton expert Syed Muzaddir Shah said ginners are confident that local cotton will be mix with imported cotton and hence demand will arise sooner or later. “Ginners will succeed in getting a price of their choice and are not in a hurry,” he added.
He said that although there are vacations in China, there are queries from Chinese for siro cotton yarn from Pakistan.
Phutti (seed cotton) prices in Sindh and Punjab remained between Rs3,200-4,800.
The following deals were reported to have changed hands on ready counter:
1,000 bales, station Rahim Yar Khan, at Rs9,375 and at Rs9,175 (600 and 400 bales respectively); 200 bales, Fort Abbas, at Rs9,000; 200 bales, Khanewal, at Rs8700; 200 bales, Ahmedpur East, at Rs8,675; 400 bales, Chichawatni, at Rs9,300; and 400 bales, Khanewal, at Rs8,900.
Published in Dawn, February 13th, 2020