Trading was relatively slow on the cotton market yesterday where buyers looked for quality lint. However, ginners on their part were keen to dispose of their low quality cotton which resulted in slow trading.
Though there is a considerable slowdown in phutti (seed cotton) arrivals, cotton analysts still expect a bumper crop at around 15 million bales for the current season (2014-15).
Consequently, cotton prices remained steady amid small lot selling and buying, with most deals on ready counter materialising below Rs5,000 mark.
According to market reports, ginners on suffering huge losses against the Trading Corporation of Pakistan’s (TCP) contracted cotton are now planning to approach the courts to recover losses.
