Prices on the cotton market remained constant on Friday amid small lot buying from some needy mills while the Karachi Cotton Association (KCA) revised down its spot rate by Rs50, to Rs5,100.
Price of new phutti (seed cotton) in Thatha was Rs2435, Tando Adam Rs2500, Badin Rs2475, Kunri Rs2375, Tando Allah Yar Rs2425, Mirpur Khas Rs2400, Sanghar Rs2465, Burewala Rs2400, Sahiwal Rs2375 and Pakpattan Rs2375.
Major deals finalized on ready counter included: 400 bales from Kotri at Rs4950, 400 bales Tando Adam at Rs4950/5025, 600 bales Shahdadpur at Rs4950/5000, 600 bales Sanghar at Rs4950/5000, 200 bales Hala at Rs5000, 200 bales Burewala at Rs5200, 200 bales Mirpur Khas at Rs5015 and 2000 bales of old crop from Khanpur at Rs5300.
According to International Cotton Advisory Committee’s monthly report, cotton stock is expected to seen reduction by five percent during the ongoing year besides a decrease of 6pc in cotton-sowing area across the globe.
The cotton production will be 9pc less than the estimated production due to reduction in cotton-sowing area in India, China and Pakistan.
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