MULTAN: Trading activity on the cotton market remained slow on Tuesday as buyers and sellers kept to the sidelines. The Karachi Cotton Association kept its spot rate unchanged at Rs8,600.

Cotton brokers said the ongoing uncertainty is taking its toll on the market; however needy millers are purchasing lint as stocks of good quality cotton are depleting fast.

Chances of importing cotton from international markets are less due to the increase in dollar value against the rupee, they added. According to Secretary Agriculture Punjab Wasif Khurshid, cotton consumption is increasing day by day at the international level.

He said that there is a big chance of getting maximum profits on cotton crop due to an imbalance in consumption and production. The country’s economy could be improved by cultivating cotton in larger areas and getting maximum per acre yield, he said. “The provincial government is providing subsidy on fertilisers to the cotton growers while availability of quality pesticides will be ensured at market,” he added.

The following deals were reported to have changed hands on ready counter: 2,000 bales, station Daharki, at Rs8,850; 800 bales, Chani Goth, at Rs8,725; 600 bales, Rahim Yar Khan, at Rs8,750; 1,000 bales, Layyah, at Rs8,600; 400 bales, Khanpur, at Rs9,000 and 800 bales, Mehran Kot, at Rs8,000.

Published in Dawn, May 22nd, 2019