Due to shortage of phutti (seed cotton) and lack of buying interest from spinners, trading activity slowed down on Monday at cotton market. Cotton brokers said that phutti was arriving in the market in small quantities due to a ban previously imposed by the government of Punjab on early cotton sowing. Moreover, last yearâ€™s stock has almost exhausted.
Cotton picking was ongoing only in Pakistan, which was why cotton brokers from other countries were cautious about making new deals. However, a jump in cotton prices was expected before Eidul Fitr.
The Karachi Cotton Association reduced its spot rate by Rs50. On Monday, the price of phutti was Rs3,300 in Kunri, Rs3,350 in Umerkot, Rs3,325 in Dharo, Rs3,300 in Thatta, Rs3,450 in Burewala and Rs3,350 in Badin.
Major deals that changed hands on the ready counter were: 755 bales from Haroonabad at Rs6,900 per maund (around 37 kilograms), 200 bales from Shahdadpur at Rs6,550 a maund, 200 bales from Mirpur Khas at Rs6,500, 200 bales from Tando Adam at Rs6,550, 400 bales from Rahim Yar Khan at 6,850 and 290 bales from Vehari at Rs6,775.
All Pakistan Textile Mills Association (Aptma), chairman Amir Fayyaz said that all textile mills have decided to go on strikc across the country to protest government policies for the textile sector, as the government seemed least interested to resolve their issues. Black day will be observed on Tuesday (today).
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