Cotton brokers seek hedge market in KCA

KARACHI: The Karachi Cotton Brokers Forum (KCBF) has urged the government to re-open hedge contract of raw cotton in Karachi Cotton Association (KCA).

In its proposals for the national budget 2012-13, Chairman KCBF Naseem Usman Osawala said Tuesday that free trading in cotton should be continued to safeguard the interest of all stakeholders including growers.

He said that all the budget proposals have been formulated at a meeting of KCBF and the Brokers' Advisory Committee's members held on April 16 at KCA trading hall.

He also suggested the government to facilitate increase in cotton production through research and maintain sufficient buffer stock of two million cotton bales in the country.