RECORDER REPORT | 28 Feb. 2018
KARACHI: Buyers kept on the sidelines on the cotton market on Tuesday owing to short supply of lint stocks, dealers said. The official spot rate was unchanged at Rs 6,900, they added. In Sindh and the Punjab, seed cotton prices were at Rs 2400-3000, they said. In the ready session, not a single deal was finalised till our going to the press, they said.
Market sources said that it was interesting to note that some needy spinners tried to make deals at low rates but failed to do the same because prices were not matching with their psychological levels. Cotton analyst, Naseem Usman also said that short supply of lint cotton, disappointed some leading spinners as they could not finalise any deal due to quality factor. To increase quality of cotton and production, as well, the government is drafting cotton policy which will be implemented soon for the benefit of farming community.
The government has imposed a ban under section 144 for not sowing cotton crop before April to protect it from seasonal cotton crop insects and pests, particularly Pink Bollworm. Cotton prices were almost firm in the international markets, they said. (Source: Business Recorder)