Tuesday, January 01, 2013
Cotton trading came to a complete halt at the open markets across the country after the government failed to resume supply of electricity and gas to industries in Punjab, said a dealer on Monday. "The electricity and gas supplies to industries in Punjab were suspended for the last 10 days," said a broker at the Karachi Cotton Exchange (KCE). "This situation resulted into zero cotton bales trading at the open markets in the country," Around 80 percent textile factories of the country are located in Punjab, he said.
The KCE, however, kept its spot rate unchanged for the 11th consecutive day at Rs6,000 per maund (37.324 kilogram). Meanwhile, China cotton index improved by three points to 19,981 points, the KCE reported. Cotton trading is witnessing a decline with each passing day the last 15 days since national and international textile markets went on holidays to commemorate different historic events, said broker.