Delay in announcing relief package keep trading at cotton market moderate

The Pakistan cotton market on Tuesday witnessed moderate trading activities as the members of the All Pakistan Textile Mills Association (APTMA) are going on strike against delay in announcement of relief package by the government.

The official spot rate remained unchanged at Rs 5200 while in the ready business, over 16,000 bales of cotton changed hands between Rs 4600 and Rs 5400, dealers said. In Sindh, seed cotton prices were unchanged at Rs 2500 and Rs 2700 and in Punjab prices were at Rs 2500 and Rs 2800.

Cotton analyst, Naseem Usman said that mills and spinners did forward buying to meet the urgent requirements.

According to market sources, the delay in announcement of relief package is creating uncertainties among the buyers, who are under pressure due to higher cost of doing business in the country.

The following deals were reported to have changed hands as per dealers: 800 bales from Mirpurkhas at Rs 4600, 1000 bales from Tando Adam at Rs 4600-4800, 600 bales from Shahdadpur at Rs 4800, 400 bales from Kandiyaro at Rs 5200, 400 bales from Bharia City at Rs 5200, 200 bales from Daulatpur at Rs 5200, 2600 bales from Khairpur at Rs 5200-5300, 2000 bales from Rohri at Rs 5250-5300, 2000 bales from Salehpat at Rs 5300-5350, 400 bales from Burewala at Rs 5100, 400 bales from Vehari at Rs 5200, 400 bales from Khanewal at Rs 5200, 600 bales from Sadiqabad at Rs 5300, 1000 bales from Fort Abbas at Rs 5300-5375, 1000 bales from Alipur at Rs 5325, 400 bales from Haroonabad at Rs 5350, 200 bales from Hasilpur at Rs 5350, 400 bales from Marot at Rs 5375, 400 bales from Khanpur at Rs 5400, 400 bales from Mianwali at Rs 5400, 400 bales from Layyah at Rs 5400 and 400 bales from Bakhar at Rs 5400.