Buyers withdrew to the sidelines on Wednesday and only needy spinners
were seen in the trading ring. Though the price line remained firm, the
outlook remained uncertain.
As the availability of quality cotton is becoming difficult with each passing
day, leading textile spinners are also losing interest in local lint and seem to
be more inclined towards imported cotton, brokers said.
The market has welcomed the government’s proposal to remove Customs
Duty on cotton imports in next Economic Coordination Committee meeting.
The Pakistan Central Cotton Committee (PCCC) will revert from Ministry of
Food to the Textile Division and there will be no imposition of duty on cotton
even next year.
The Karachi Cotton Association (KCA) spot rates were firm at overnight level
of Rs8,800 per maund.
The world leading cotton markets also remained depressed with restricted
demand and most of these markets closed easy.
The following deals were reported to have changed hands on ready counter:
200 bales, station Shahdadpur, at Rs8,200; 200 bales, Sanghar, at Rs8,200-
8,400; 800 bales, Khairpur Mirus, at Rs8,450-8,500; 600 bales, Noorpur
Nooranga, at Rs8,900; 800 bales, Fort Abbas, at Rs8,350; 400 bales,
Chishtian, at Rs7,800; 200 bales, Bahawalnagar, at Rs7,800; and 400 bales,
Pir Mehal, at Rs7,000.
Source: The Dawn, Pakistan Thursday, 20 December 2018