Cotton trading activity is Pakistan failed to pick up on Thursday, December 28, 2017 as quality cotton remained in short supply. Many buyers willing to pay premium price for quality lint returned empty handed. The changing situations in the cotton market are alarming for the cotton dealers in Pakistan. according to the experts one of reasons of this situation is the higher prices sought by ginners while spinners on their part were also reluctant to compromise their viability by paying more.
Karachi Cotton Brokers Forum Chairman Naseem Usman said that ahead of bank closing on December 31, 2017 traders generally avoided entering into long term deals. Meanwhile, a delegation of Pakistan Cotton Ginners Association (PCGA) held a meeting with Karachi Cotton Association (KCA) on Thursday for evolving a cotton trade system. Issues related to correct weight of cotton bales, contamination and transactions of cotton through registered brokers were discussed.
The price-line of world leading cotton markets remained on the higher side with New York cotton touching seasonal high at around US80 cents per lb. KCA spot rates were unchanged at overnight level.
