KARACHI: Six licensed cotton brokers of Naseem Usman Panel have been elected unopposed as member of the Broker Advisory Committee (BAC) of Karachi Cotton Association (KCA) for the year 2020-21.

Muhammad Naseem Usman has been elected unopposed chairman of the committee, while Abdul Jalil Khan has been elected vice chairman. In addition, Chander Lai elected as secretary, Taqi Abbas joint secretary, Ali Muhammad Taufique Haroon treasurer and Girdhari Lai Assudomal as public relation.

Naseem Usman thanked all 320 KCA brokers on behalf of the panel for their trust and assured that they would continue effort for resumption of hedge trading under the KCA platform, which would be beneficial for all stakeholders of the cotton & textile industry.

Chairman Karachi Cotton Brokers Forum told that untimely rains and extreme hot weather has badly hurt the cotton production this year.

Nassem said ginners as well as farmers were affected due to the reduction in per acre and many ginners have not started their factories.

Copyright Business Recorder, 2020