A slow trading mode was witnessed in the cotton market as ginners are not in a hurry sell their stocks, anticipating a price increase in near future. The Karachi Cotton Association kept its rate unchanged at Rs9,000. Naseem Usman, cotton analyst, stated that monthly consumption of Pakistani mills is about 1.3 million bales while only 0.6m unsold stocks are available with the ginners which will hardly fulfill the requirements for 15 days.
Imran Khan, Prime Minister announced some measures to increase cotton production, the government has so far been failed to resolve the electricity tariff for industry, he said.
Textile industry exports were going to be good but now the decision of government to withdraw the subsidy will affect the sector badly, he added.
Syed Muddabir Shah, cotton expert stated that government is not focused on ensuring the availability of quality seed and announcement of support prices for cotton.
