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Cotton market sluggish

By Our Correspondent 2020-03-17
MULTAN: Trading on cotton market remained slow and selective on Monday as both buyers and sellers stayed away. Karachi Cotton Association kept its spot rate unchanged at Rs8,900.

Cotton analyst Naseem Umsan said that although the market was slow, trading remained underway.

`Exporters are worried after many EU countries which buy cotton products from Pakistan have asked to delay the shipments following the coronavirus pandemic,` he explained.

He said that despite price in US cotton market was lowered by 2 cents to 58 cents, rates in local market are firm due to very limited unsold stock.

Cotton expert Syed Muddabir Shah said prices of artificial fibre have declined by Rs3 to Rs167 since the closure of Pakistan`s border with Iran and Afghanistan.

`Ginners and millers are worried because of the worsening trade situation,` he added.

The following deals were reported to have transpired on ready counter: 200 bales, Rahim Yar Khan, at Rs8,800; 200 bales, Bahawalpur, at Rs8,475; 200 bales, Layyah, at Rs8,200; and 190 bales (low quality), Chichawatni, at Rs7,950.