MULTAN: Trading was slow on the cotton market on Thursday as buyers were reluctant to enter in deals.
Cotton broker Muhammad Naseem said that although the international market was in full swing, local spinning-mill owners were avoiding deals due to the less demand for yarn and low quality of old stocks.
At present only two factories are functional — one in Burewala and the other in Shahdadpur.
He said that so far 600 bales of new cotton crop and 35 trucks of seed cotton have been sold out. Besides, ginners have less than 100,000 bales of old stock, but most of them are of low quality.
Cotton broker Syed Muzabir Shah said imports of 200,000 bales were expected from India until July 15. He said unchecked imports of cloth from Vietnam and China were also a matter of concern for spinners.
Deals of 14,000 maunds of phutti of new crop took place in Badin, Thatta, Kunri, Jhudo and Umerkot at Rs2,950-3,150 per maund.
The KCA cut its spot rates by Rs50, to Rs5,500 per maund. Major deals on the ready counter were: 200 bales from Shahdadpur at Rs5,800; 200 baless Alipur at Rs5,350; 400 bales Khanpur at Rs5,600; 400 bales Sadiqabad at Rs5,725; 100 bales Mirpurkhas at Rs4,500; 1,150 bales Ahmedpur at Rs5,200/5,475; and 800 bales Jhole at Rs4,200.