Commodities: Quality cotton in short supply
MULTAN: Listless conditions prevailed on the cotton market on Wednesday as shortage of quality lint kept buyers at bay. The Karachi Cotton Association kept its spot rate unchanged at Rs9,000.
Cotton experts said shortage of quality cotton due, extreme weather conditions and unconfirmed reports regarding the US-China negotiations over tariff issue were major reasons behind slow trading.
The tariff issue would take a few more months to be resolved as the Trump government wants to take any decision after the US presidential elections.
Some reports suggest that cotton prices in international markets — particularly Brazil, India and China – had decreased. A fall of up to Rs500 per candy was also reported in India which is now largest exporter of the commodity to China.