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Commodities: Restricted buying on cotton market – DAWN.com

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MULTAN: Trading on the cotton market remained restricted on Friday as both buyers and sellers showed little interest. The Karachi Cotton Association kept its sport rate unchanged at Rs9,100.

Cotton expert Syed Muddabir Shah said that reduction was witnessed in net sale of US and Indian cotton to China, with prices of the commodity declining in India.

Locally, he said, spinners are not ready to pay high prices to ginners who are in no mood to reduce the prices.

Cotton analyst Naseem Usman said that textile mill owners are worried after receiving electricity bills of current months. The government has withdrawn the subsidy and imposed surcharge which is contrary to the announcement made by Prime Minister Imran Khan that electricity charges will not increase for three year, he said. The government has also announced that surcharge will not be imposed on export sector, he recalled. This situation will affect the country’s exports as exporters will not be able even fulfill the orders they won last month at the Heimtextil fair in Germany.

The prices of phutti (seed cotton) in both Sindh and Punjab remained between Rs3,200-4,700.

The following deals were reported to have changed hands on ready counter: 400 bales, station Rahim Yar Khan, at Rs9,150; 200 bales, Haroonabad, at Rs8,550; 200 bales, Faqirwali, at Rs8,575; 200 bales, Layyah, at Rs8,150; and 200 bales, Alipur at Rs8,700.

Published in Dawn, February 15th, 2020