MULTAN: The cotton market continued to be bogged down by dullness on Thursday as the news of rupee devaluation kept buyers on the sidelines.

The Karachi Cotton Association kept its spot rates pegged at overnight level. Ginners are estimating that the dollar would further increase and reach Rs160 mark.

Talking to Dawn, sources said ginners in local market are happy after the devaluation of rupees against dollar as the prices of cotton increased by Rs50.

Due to the rupee devaluation, the spinning industry did not announce its rate for Thursday. The market is expecting an increase in yarn prices and hence no deal materialised in the yarn market.

World cotton markets closed firm.

Major deals on the ready counter were: 200 bales, Alipur, at Rs9,000; 400 bales, Hasilpur at Rs8,600; 400 bales, Jalalpur at Rs8,500; 400 bales, Vehari at Rs8,000; and 200 bales, Daharki at Rs9,100.

Published in Dawn, May 17th, 2019