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Ishaq Brohi
KARACHI: Dull trading continued at local cotton market despite ease in prices as the traders sidelined from the market due to uncertainty over yarn quota, market sources said Tuesday.
Talking to The Financial Daily, Chairman Karachi Cotton Brokers Association (KCBA) Naseem Usman said traders were very much cautious and adopting wait and see policy due to cut in yarn export quota to 35,000 per month from 50,000 by the government recently.
Only about 3000 bales changed hands throughout the country, while the Karachi Cotton Association (KCA) spot rate remained at Rs5,650 per 40kg for grade 3 and seed cotton prices were quoted at Rs2,400 to Rs2,800 both in Sindh and Punjab for quality cotton whereas the Binola prices were at Rs900 across the country.
Following bales were recorded such as 200 bales from exporter to mill at Rs5,500; 976 bales from Yaro Lund at Rs5,445; 1627 bales from Haroonabad at Rs5,650 and 400 bales from Bahawal Nagar at Rs5,500.
Meanwhile, Pakistan Textile Mills Association (APTMA) has threatened to go for strike if their demands to provide justice to the spinning industry are not met in next 10 days.
Anwar Ahmed Tata, Chairman Aptma while addressing a press conference here at Aptma House, said that Aptma has decided to disassociate itself with the Ministry of Textile Industry due to its discriminatory policies and appealed to the President and Prime Minister of Pakistan to intervene and provide justice to the Spinning Industry.
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