MULTAN: The cotton market failed to expand trading activity on Thursday as ginners were reluctant to enter in deals while buyers remained focused on quality lint.
The Karachi Cotton Association kept its spot rates unchanged at Rs9,100.
Cotton broker Syed Mudabbir Shah said mill owners are sharing details of their import consignments with brokers and claiming that a sizeable quantity of cotton is coming to the country. “This is a move to keep the local market under pressure. However, these [millers] are still present in the market. Such tactics will not be very helpful as the ginners are aware about the availability of unsold stocks and local consumption. Already, the cotton production target has been revised twice and still it could not be met,” he added.