Official spot and seed cotton prices declined on the cotton market on Monday in the process of lacklustre business activity, dealers said. The official spot rate was lower by Rs 50 to Rs 6,400, they said. In the ready business, as a result of increase in Phutti arrivals, mills showed little interest in fresh purchasing. In the meantime, the ginners were not in a hasty mood to sell the stuff, dealers said. Prices for seed cotton per 40 kg from Sindh shed Rs 50 to Rs at Rs 3050-3150, they said.

Mian Ajmal Farooq, Chairman All Pakistan Textile Processing Mills Association (APTPMA), has said that no relief had been provided to the textile industry in the Budget 2013-14, therefore, it needs to be reviewed for some relief measures to the industry keeping in view present electricity and gas crisis the industry has been facing for last many years.

Modest trading activity was witnessed on the cotton market at the week-end as most of the mills and spinners preferred to be sidelines, dealers said. The official spot rate was unchanged at Rs 6,450, they said. In the ready business, around 3000 bales of cotton sold between Rs 5100-6600, dealers said. Prices for seed cotton per 40 kg from Sindh were at Rs 3100-3200, they said.