MULTAN: Trading activities remained slow on the cotton market on Thursday as sellers took the sidelines after it was confirmed that cotton is included in the list of goods China will purchase from America.
There was an increase of up to Rs150 in cotton prices on the local market. However, the Karachi Cotton Association kept its spot rates unchanged at Rs9,000.
Phutti prices in Sindh and Punjab remained between Rs3,200-4,800.
Cotton experts said that ginners are very excited following the outcome of US-China negotiations. China — the largest cotton buyer — is expected to start purchasing American cotton from next week. This means prices of the commodity in local market will start increasing as soon as China starts its buying spree, sources added.