With the cotton yarn losing its fame in the textile market, the cotton traders of Karachi turn trouble –struck. The trading in Karachi was extremely slow and restricted as the Karachi Cotton Association (KCA) kept its outright rates constant.
This resulted in no elevation of the cotton market on Wednesday where only two deals struck one of 200 bales, Fort Abbas, at Rs6,700 (conditional) and the other of 700 bales, Ladhran, at Rs6,750 (conditional).
According to floor brokers, this downfall is due to the disinclined nature of the spinners to make new transactions. The spinners, on the other hand, say that declining demand for cotton yarn is the reason for their unwillingness.
A spinners’ delegation led by All Pakistan Textile Mills Association (APTMA) chairman Yasin Siddik recently met secretary commerce and lodged a complaint that cotton yarn being dumped from India is causing injury to domestic industry. The delegation members were that the issue will be taken up with the Economic Coordination Committee (ECC) to find a way out.
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