KARACHI: Listless conditions prevailed on the cotton market on Thursday amid thin attendance and uncertainty.
According to reports many ginning factories also suspended their operations fearing disturbance and hindrance in the supply of cotton to buyers. Overall activity slipped down to a considerable level.
There were reports that many regional ginners’ trade bodies in Punjab were observing strike against the tax imposed by the Federal Board of Revenue (FBR) on oil cake. The Pakistan Cotton Ginners’ Association (PCGA) is calling a countrywide meeting on Nov 3, to discuss the issue.
Trading on Thursday remained restricted as spinners generally avoided long-term buying. Many commodity markets in Punjab also remained closed owing to a strike call by religious parties.
The world leading cotton markets closed mixed amid slow trading activity. New York cotton suffered fresh losses for early maturing contracts but gained for far off contracts.
The Karachi Cotton Association (KCA) spot rates were firm at previous level at Rs8,650 per maund.
The following deals were reported to have changed hands on ready counter: 400 bales, station Shahdadpur, at Rs8,400, 400 bales, Sanghar, at Rs8,500; 1,000 bales, Nawabshah, at Rs8,300-8,400; 600 bales, Ghotki, at Rs8,950; 1,600 bales, Khairpur, at Rs8,550-8,660; 300 bales, Sadiqabad, at Rs8,850-8,900; 1,600 bales, Rahim Yar Khan, at Rs8,850-8,900; 600 bales, Chani Goth, at Rs8,750; 800 bales, Ahmedpur East, at Rs8,700; 800 bales, Rajanpur, at Rs8,700; 800 bales, Bahawalpur, at Rs8,650; 2,000 bales, Fort Abbas, at Rs8,600; 600 bales, D G Khan, at Rs8,650; and 400 bales, Faqirwali, at Rs8,500.
Source: The Dawn, Pakistan Friday, 02 November 2018