13 March, 2018
KARACHI: Not a single deal reported on the cotton market on Monday as the ginners started raising asking prices to gain maximum profits, dealers said. The official spot rate was unchanged at Rs 7400, they added. In Sindh and Punjab seed cotton prices were at Rs 2800-3100, they said. In the ready session, not a single deal reported till going to the Press, they said.
According to the market sources, needy spinners were keen to cover their immediate requirements, but the ginners showed no interest in fresh selling on expectations of better profit. Cotton analyst, Naseem Usman said that as the supply of good cotton is falling with the passage of time, the ginners did not oblige spinners for better profit.
Besides, other experts were of the view that it is likely the next cotton crop may show bigger in size because at present, the growers were making good profit and hoping for good hays ahead. A delegation of the Karachi Cotton Association (KCA), the Pakistan Cotton Ginners Association (PCGA) and the All Pakistan Textile Mills Association (APTMA) proposed a suggestion to the members of the spot rate committee to keep official spot rate at reasonable level. Reports were showing that prices were easier in the international markets on Monday. (Source: Business Recorder)