The Newspapers Staff Correspondent
February 26, 2020
MULTAN: Trading activity pulled down on the cotton market on Tuesday as buyers and sellers remained on the sidelines owning to uncertainty in local and international markets. The Karachi Cotton association kept its spot rate unchanged at Rs9,000.
Cotton analyst Naseem Usman said that mills are worried by the delay in the arrival of imported cotton and as well as quality issues with this lint. He said with the passage of time, pressure will increase on mill owners as they have to make compliance of export orders.
Cotton expert Syed Muddabir Shah said there are chances that orders which Pakistani exporters won earlier are likely to be cancelled. There are reports that Indian, Bangladeshi and Vietnamese exporters are keeping an eye on these orders, he added.
The following deals were reported to have changed hands on ready counter: 200 bales, station Hasilpur, at Rs9,450; 400 Bales, Rahim Yar Khan at Rs9,300; 200 Bales Bahawalpur at Rs8,700; and 200 Bales Fort Abbas at Rs8,725. (Source: dawn.com)