MULTAN: Slow trading was witnessed on the cotton market on Monday as buyers and sellers were conspicuous by their absence, however, prices remained stable.
The Karachi Cotton Association also kept its spot rates unchanged at Rs8,700.
Cotton experts said spinning mill owners were ready to purchase cotton on credit and the payments will be made after Eid. However, ginners were not ready to sell the commodity and were insisting on cash payments.
Prices of artificial yarn were down Rs5 at Rs190. An increase of Rs100-125 was recorded in the prices of cottonseed oilcake which was selling at Rs1,750- Rs1,775.
According to Pakistan Hosiery Manufacturers Association’s President Adil Butt, exports of stitched cloth and export volume of garments recorded an increase of 8.76 per cent to $2.39 billion compared to $2.2bn same period last year. The following deals were reported to have changed hands on the ready counter: 200 bales, Sadiqabad, at Rs9,000; 200 bales, Mianchannu, at Rs8,100; 400 bales; Alipur, at Rs8,800; 400 bales, Khanewal, at Rs8,600 and 200 bales, Khanewal (low quality), at Rs7,800.
Source: The Dawn, Pakistan Friday, 28 June 2019