APTMA blames speculators for price slump

“The current slump in prices is due to manipulation by the speculators who are exploiting the yarn glut in the market,” he said.

APTMA has reached an agreement with the power distribution companies for uninterrupted electricity supply to the power loom sector, so that it may resume production.

“Resumption of production by the power looms would substantially increase the uptake of yarn,” he said.

He expressed hope that market would now start improving as the Chinese textile mills were expected to start buying in the next two weeks and with normal operation of power loom sector local demand would also pick up.

End.