With higher phutti (seed cotton) arrivals into the market and an ongoing easy trend on world market has lead to further fall in cotton prices on Thursday.
The Karachi Cotton Association (KCA) cut its spot rates for second consecutive session by Rs100 to Rs4,650 a maund, indicating the mounting pressure on lint prices.
The declining trend in lint prices world over has multiplied pressure on the domestic market .
The Trading Corporation of Pakistan’s (TCP) procurement drive seems to be failing as lint prices have dropped by between Rs300 and Rs350 since its start.
The following major deals were finalised on ready counter: 800 bales Kazi Ahmed at Rs4,500, 800 bales Kan¬diyro at Rs4,550-4,575, 2,000 bales Khair¬pur at Rs4,625-4,650, 1,400 bales Haroon¬abad at Rs4,650-4,750, 1,200 bales Bakhar at Rs4,700-4,750, 1,200 bales Shujabad at Rs4,750, 1,000 bales Baha¬walpur at Rs4,750, 800 bales Alipur at Rs4,750, 1,000 bales Ahmedpur at Rs4,800, 2,000 bales Mian¬¬wali at Rs4,900-5,000.
During the current season a 10 per cent growth in cotton output is seen which means that around 1.1 million more bales have so far been produced.
Moreover, lower petroleum prices are also raising hope to get man-made fibre on the cheap for textile industry.
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