Cotton traders are not hopeful that trading on cotton market would improve in near future despite of the fact that government had given permission to the mills to start their operations as well as allowed the traders to open their shops for limited time period.
According to the market sources hopefully trading activities on the cotton market would improve after Ramadan. For the last one month no trading activity was reported in the cotton market due to coronavirus.
Sources also said that due to the lockdown ginners were unable to sell their stock of 5 lac bales adding that if the situation improves only two lac bales wouldl be sold and the stock of three lac bales would be left with the ginners which they will sold in the next season.
Naseem Usman, Cotton Analyst told that spot rate remained unchanged at Rs 8800.
He also said that although no trading was seen in Binola, however Binola was available in both Sindh and Punjab at the rate of Rs 1600 to Rs 1800 per maund. Sources also said that cotton seed was not available for trading as ginners had all the stock of Binola.
The rate of cotton in Sindh and Punjab is in between Rs 7000 to Rs 8800 per maund.
The rate of polyester fiber was at Rs 167 per kg.
