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KARACHI (May 11 2010): Wait-and-see mood prevailed on the local cotton market on Monday as participants were on the sidelines ahead of a strike, called by value-added sector, dealers said. The Karachi Cotton Association (KCA) official spot was unchanged at Rs 6700, they said.
In the ready business, not a single deal took place as the ginners did not lower the asking prices. The Phutti prices in both the Punjab and Sindh were at Rs 2500-2600, they said. Tug of war continued between buyers and sellers amid expectations of better production for the coming season as the sowing is on full swing.
The government has set a target of 14 million bales of cotton for the next season, which would begin in the month of June, they added. The value-added sector is going on strike against the exports of cotton yarn because this factor is causing unemployment in the country, they said.
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