Commodities: Lack of buying interest on cotton market
MULTAN: Easy conditions prevailed on the cotton market on Monday as both buyers and sellers remained on the sidelines.
Cotton brokers said Indian yarn exporters have now formally informed the Pakistani textile mills about their inability to fulfil their demand.
They said that as many as 80 per cent deals have been cancelled as the prices on the Indian market were increasing with each passing day.
Karachi-based exporters, who were depending on Indian yarn imports, are now buying from the local market.
Cotton Ginners Forum Chairman Ihsanul Haq said that soon after Pakistan declared its textile industry as zero-rated, India has announced Rs60 billion special package for its textile and apparel sector to create 10 million jobs in the next three years, attracting $30bn in exports. “This is called timely decision.”