MULTAN: The cotton market on Friday remained firm amid dull business activity and short supply. The Karachi Cotton Association raised its spot rate by Rs200 to Rs5,950 per maund.
Brokers said that all the future contracts on the New York cotton market dropped amid rumours that the Indian Cotton Association is hiding the actual size of its stock in a bid to keep the prices of Indian cotton high.
They said that stocks are being held in all over the world but the situation in yarn markets are different as except Pakistan all the cotton-producing countries are giving subsidies on yarn.
Although efforts are being made by the spinning mill owners to control the increasing prices, there are chances that the prices will further increase after Eidul Fitr.
Spinning mill owners are urging the government to withdraw all kind of taxes on cotton imports while exporters, ginners and farmers also want subsidy on the export of the cotton.
The price of phutti (seed cotton) in Badin was Rs3250, Thatta Rs3275, Sanghar Rs3300, Jhadu Rs3200, Hasilpur Rs3325 and Burewala Rs3275.
Major deals on the ready counter were: 400 bales from Shahdadpur at Rs6200/6225, 200 bales Kotri at Rs6200, 220 bales Sanghar at Rs6225, 200 bales Mirpur Khas at Rs6200 and 200 bales Hyderabad at Rs6250. Deals of old corps included: 400 bales from Burewala at Rs5350, 200 bales Maisli at Rs5475 and 400 bales Rahim Yar Khan at Rs5875.
Courtesy : Dawn News