The Newspaper's Staff Correspondent
June 13, 2018
MULTAN: Trading activity on the cotton market was low on Tuesday as both buyers and vendors withdrew to sidelines due to slow arrival of new cotton stock. Cotton experts said three ginning factories in Shahdadpur and Sanghar have stopped their operations because of slow arrival of new crop. They said that farmers also have stopped selling their crop after phutti (seed cotton) prices were slightly reduced.
Spinners are now focusing on the purchase of the old stock while deals of new crop are being done on the condition that the commodity will be delivered right after Eidul Fitr. Phutti prices in Badin were at Rs3,950; Thatha at 3,975; Gharo at Rs4,000; and Chohar Jamali at Rs3,925. The Karachi Cotton Association kept its spot rate unchanged at Rs7,600.
The following deals were reported to have changed hands on ready counter: 400 bales, Rahim Yar Khan, at Rs7,550; 200 bales, Khanpur, at Rs7,400; 380 bales, Bahawalpur, at Rs7,000; and 200 bales, Rajanpur at Rs6,950. (Source: dawn.com)