MULTAN: The cotton market lacked trading interest and only two deals took place on Friday. However, prices remained firm and Karachi Cotton Association kept its spot rate unchanged at Rs8,800.

Cotton analyst Naseem Usman said the closure of trading activities has worried ginners and mill owners.

The All Pakistan Textile Mills Association has urged government to defer payments of electricity and gas bills for at least two month since refunds are stuck and millers don’t have liquidity, he said.

Cotton expert Syed Muddabir Shah said that as many as seven textile mills in Punjab have closed one shift due to the prevailing situation while on other power looms are also being closed.

He said ginners feel that until the coronavirus related crisis is underway, there is no need to sell the cotton.

He said ginners could also sell cotton on future pricing of two or three months.

The following deals were reported to have transpired on ready counter: 200 bales, Dera Ghazi Khan, at Rs8,650; and 200 bales, Haroonabad, at Rs8,400.

Published in Dawn, March 21st, 2020