KARACHI: Brisk activity was witnessed on the cotton market on Tuesday as strong demand emerged from millers at the closing stages. However, cotton prices remained steady at overnight level.
Although textile industry still holds reservations against some of the budgetary measures, it seems that now there is a realisation that wheel of the industry has to be kept moving.
Meanwhile, cotton growers are holding protest rallies in the Punjab against government failure to announce indicative price for phutti before the commencement of the new season (2019-20).
Minister for National Food Security and Research Sahibzada Mehboob Sultan has called a meeting in Islamabad on Wednesday (July 17) with cotton and textile industry stakeholders to discuss a formula to determine local seed cotton prices in relation to international rates and import parity price.