Pakistan cotton market which witnesses stability or increase in prices especially during the starting months of the season every year, sees the prices taking a drop by up to Rs600 to Rs6,000 this time. Further due to the cutback in lint consumption, prices came under pressure on Wednesday on the cotton market.
According to cotton broker, the prices of seed cotton (phutti) have also declined as the prices of cottonseed (Banola) have seen a drop of Rs150, to Rs1,800. The Karachi Cotton Association (KCA) reduced its spot rate by Rs100, to Rs6,100.
A total of 3,600 bales changed hands across the country, all in Sindh. The following deals were finalized on the ready counter on Wednesday: 800 bales, Tando Adam, at Rs6,100/6,150; 1,000 bales, Sanghar, at Rs6,075/6,150; 400 bales, Shahdadpur, at Rs6,100; 600 bales Mirpur Khas, at Rs6,100/6,150; 400 bales, Tando Muhammad Khan at Rs6,100/6,125 and 400 bales, Hyderabad, at Rs6,00/6,175.
With a the government failing to provide 14 hours electricity and six hours gas supply to the textile sector. The spinning mills that were operating for 20 to 22 hours before the start of the Ramazan are now functional only for 12 to 14 hours and only 30 ginning factories are functional these days.
Due to the government’s insensitivity, along with mill owners, all the stakeholders of cotton market including ginners and cotton growers are suffering.
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