A lacklustre activity was witnessed on the cotton market on Monday as mills and spinners kept on the sidelines in absence of motivating factors, dealers said. The official spot rate was inert at Rs 5,550, dealers said. In ready session, around 500 bales of cotton from Jhol finalised at Rs 4200, they said. Market sources said that leading participants failed to make several deals ahead of federal budget 206-17. Cotton analyst, Naseem Usman said that traders and businessmen were hoping more concessions in the budget. Most of the mills were expecting modest fall in the rates after arrivals of imported cotton and phutti, he added.
On Sunday to overcome crisis, Finance Minister, Ishaq Dar said that the government is committed to enhance exports and would accord full consideration to the proposals put forth by All Pakistan Textile Mills Association (APTMA) delegation in the ongoing budget exercise. The delegation of APTMA shared with the Minister details on the current profile of textile sector in the country and also apprised him about their budget proposals in a meeting with the Finance Minster here. Ishaq Dar also chaired a meeting to review the budget proposals regarding development of agriculture sector in the country.