With slow demand from spinners on Thursday cotton prices eased further. The Karachi Cotton Association also reduced its spot rate by Rs50 on a maund (around 37 kilograms).
According to yarn broker, as many as 80 spinning mills have been shifted to polyester and cotton blend fabrics from pure cotton fabrics which resulted into less consumption of cotton yarn.
Imports of Indian yarn have increased as the production cost of cotton yarn in Pakistan was 16.5 percent higher as compared to India. Besides, a sizeable quantity of cloth from Vietnam, China and India also coming to Pakistan unÂ¬Â¬checked and thus badly affecting the local industry.
As many as 27 textile mills were for sale and a major portion of machinery of these mills was being sold as scrap. There are also reports that about 200 out of the 1,200 ginning factories will not become functional during the forthcoming cotton season.
Khawaja Muhammad Shoaib of the Farmersâ€™ Vision Forum said that the production of cotton could increase next year if the government ensures that the farmers get rates equal to international prices.
Major deals on the ready counter that changed hands were: 600 bales from Kahnpur at Rs7,000 a maund, 800 bales from Rahim Yar Khan at Rs7,000, 200 bales from Pakpattan at Rs6,800, 1,600 bales from HaroonÂ¬abad at Rs7,100 (one-month credit), 1,400 bales from Alipur at Rs6,775, 756 bales from Jattoi at Rs6,800, 400 bales from Sanghar at Rs6,500 (conditional), and 200 bales from Liaquatpur at Rs7,000.
While keeping in view the international rates, phutti prices should be Rs4,000 per 40kg.
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