a steady upward trend in the cotton market

MULTAN: Steady conditions prevailing on the cotton market on Friday where activity remains slow due to slow arrival of fresh phutti.
Cotton broker Mudabir Syed Shah said that phutti arrival low as the market remains closed on Friday in the cotton belt of the country.
He said that the arrival in Sindh is not more than 1,100 maunds where the price of a 40kg phutti between Rs2,975 and Rs3,250 while no phutti arrival in the Punjab market.
They say that it is expected that there will be sales of over Rs12 billion fabric during Ramadan and this in turn will put a positive impact on cotton and yarn market where the prices of cotton and yarn will increase.
He said that there is a very bright possibility that the price will be increased after Idul Fitri.
He said that the spinning mills owners are demanding the government to allow them to import duty-free cotton even during the cotton due to lack of cotton sowing in the country, while on the other hand, ginners against the demand of the spinning mill owners while taking a stand that move would prove disastrous for ginning industrial and agricultural communities.
He said that ginners of the view that imports should be limited and should not be allowed on cotton this season.
Karachi Cotton Association maintains the spot rate unchanged at Rs5,500:
Great deals on ready counter reported: 7,500 bales of Trading Corporation of Pakistan at Rs5,885, 400 bales in Sanghar at Rs5,900, 100 bales in Kotri at Rs5,875, 300 bales in Pakistan at Rs5,875 and 600 bales in Tando Adam at Rs5,900 while no agreement from low quality 150 bales of old crop in Pakistan at Rs4,500.