Trading activity at cotton market remain firm

In the process of sluggish business, trading activity remain firm at cotton market on Tuesday, dealers said. The official spot rate also stayed unchanged at Rs 6500.

In Sindh, seed cotton prices were at Rs 3100-3450, while in Punjab, phutti rates were at Rs 3100 and Rs 3650, as per 40 kg. In the ready session, over 3,000 bales of cotton changed hands between Rs 6400 and Rs 6750.

According to expers, cotton traders welcomed issuance of the SRO and hoping for better outcome of incentives given to revive the textile sector.

Cotton analyst, Naseem Usman said that it is very much likely that exports of textile items may improve in the coming days.

The following deals were reported to have changed hand as per dealers: 400 bales of cotton from Ghambat at Rs 6400, 600 bales from Chani Ghot at Rs 6750, 1200 bales from Rahim Yar Khan at Rs 6750 and 400 bales from Lodhran at Rs 6600.

According to reports, about Rs.162 billion for the development of textile sector was a big achievement for Ministry of Textile in years 2016. It further said that textile sector has got Rs.162 billion from Rs.180 billion ‘Trade Enhancement Package’ announced by Prime Minister Muhammad Nawaz Sharif for coming 18 months from January 2017 to June 2018 to enhance the country’s export.