Commodities: Trading slows down on cotton market
KARACHI: Listless conditions prevailed on the cotton market on Thursday amid thin attendance and uncertainty.
According to reports many ginning factories also suspended their operations fearing disturbance and hindrance in the supply of cotton to buyers. Overall activity slipped down to a considerable level.
There were reports that many regional ginners’ trade bodies in Punjab were observing strike against the tax imposed by the Federal Board of Revenue (FBR) on oil cake. The Pakistan Cotton Ginners’ Association (PCGA) is calling a countrywide meeting on Nov 3, to discuss the issue.
Trading on Thursday remained restricted as spinners generally avoided long-term buying. Many commodity markets in Punjab also remained closed owing to a strike call by religious parties.