The Newspapers staff reporter
November 10, 2019
KARACHI: Falling trade volume amid tight cash flow reduced activity on the cotton market on Saturday.
The textile industry has been calling upon the Federal Board of Revenue for timely payment of refunds amounting to Rs80 billion, brokers said. However, despite repeated assurances, this has failed to materialise and consequently the cash starved textile industry has now started to slow down its operations, they said.
There was sudden fall in cotton trading volume and prices also generally remained under pressure despite the fact that the crop is short by around 6 million bales during the current season, brokers added.
On the global front, New York cotton moved higher on positive trend on export front witnessed last week. The Indian and Chinese cotton markets were mixed to easy. The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs9,300 per maund. (Source: dawn.com)