Pakistan Cotton Ginners Association (PCGA) has decided to challenge the hedge trading of cotton in Supreme Court of Pakistan describing it as un-Islamic and repugnant to Shariah. PCGA strongly opposed the introduction of International Cotton (Icotton) Futures Contract at Pakistan Mercantile Exchange Limited (PMEX) as the same decision has been taken by the government without consultation with the stakeholders of the cotton economy ie the KCA, APTMA, PCGA, FAP and PCF.

Modest trading was seen on the cotton market on Friday as some needy mills took interest in buying to meet the urgent requirements, dealers said. The official spot rate was unchanged at Rs 6,400, while in the ready business, 2,000 bales of cotton changed hand between 5900-6800, dealers said. According to the market sources, main participants were out of the arena to observe fresh developments on both the political and economic fronts.

Central Chairman All Pakistan Textile Mills Association (APTMA) Ahsan Bashir has said that the textile industry is braving unprecedented loadshedding in the history of Pakistan, as no such abnormal electricity cuts have ever been witnessed in the past. He said that dire consequences of the prevailing situation were emerging out fast in the textile hubs of the country.