RECORDER REPORT | 11 June 2019
KARACHI: A kind of dullness was again witnessed on the cotton market on Monday ahead of announcement of federal budget 2019-20, dealers said.
The official spot rate was inert at Rs 8800, they added. Seed cotton from Lower Sindh was available at Rs 4250-4300 per 40kg, they said. Only a deal of 200 bales of cotton from Sanghar finalised at Rs 9000, they said and adding binola was at Rs 1750-1800.
According to the market sources, many businessmen were looking perturbed because of prevailing uncertainties on both the political and economic fronts. Cotton Analyst, Naseen Usman said that the issue of zero-rating continues to cause uncertainty amongst value-added textile sector which is strongly opposing the withdrawal of the facility.
It is most likely that trading activity may pick up within couple of days, they said. In the Indian markets, cotton prices were higher, and other parts of the world prices were mixed in the process of trading activity. (Source: Business Recorder)