MULTAN: The cotton market was dull on Saturday as buyers and sellers remained on the sidelines in the absence of quality of lint.
The Karachi Cotton Association (KCA) kept the official spot rate unchanged at Rs7,400 per maund.
Cotton analysts believe that prices of the commodity will increase with the start of new week in Pakistan since the New York cotton market closed with a two cent increase in rates on Saturday.
They said that two ginning factories from Sindh — one each in Shahdadpur and Tando Adam — went into advance deals of phutti (seed cotton) from Badin at Rs3,500-3,550 where cotton picking process is going to begin partially.
Ginners are also hopeful after China and America imposed new taxes on each others’ products.
Analysts said that China is the largest buyer of American cotton. After the imposition of new taxes, China will also export phutti from other countries including Pakistan but mainly from India.
They said that although China is exporting phutti from India already but this year its volume will be higher. There are chances that for first time China will export phutti from Pakistan.
The following deals were reported to have changed hands on ready counter: 2,800 bales, Ghotki, at Rs7,500; 534 bales, Darawala, at Rs6,300; 1,000 bales, Dunyapur, at Rs7,500; 200 bales, Bahawalpur, at Rs6,875; 200 bales, Ahmedpur, at Rs7,100 and 400 bales, Layyah, at Rs6,450.
Published in Dawn, May 20th, 2018