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Cotton market lacks lustre

By Our Staff Correspondent 2020-02-11
MULTAN: Trading activities failed to pick up on cotton market on Monday as both spinners and ginners kept to the sidelines.

He said that the prime minister`s announcement of not increasing the prices of electricity for three years will reduce the burden on the industry.

The Karachi Cotton Association also kept its spot rates unchanged at Rs9,100 per maund.

Naseem Usman, a cotton analyst, said that the trading was likely to remain slow in coming days as arrivals of imported cotton shipments were underway.

Phutti prices in both Sindh and Punjab was quoted between Rs3,200 to Rs4,800.

The report of reopening of Chinese market from Feb 13 is also being considered as positive by ginners who are expecting that the resumption of Chinese buying will push up prices not only on international market but also in local market, said Syed Muddasir Shah.

The following deals were reported to have changed hands on ready counter: 600 bales, Fort Abbas, at Rs9,100-Rs9,200; 200 bales, Faqirwali, at Rs8,600; 200 bales, Khanpur at Rs9,000; 400 bales, Bahawalpur, at Rs8,650; and 600 bales, Haroonabad, at Rs8,400.