Cotton prices fall

Published Jul 19, 2012 12:11am

KARACHI, July 18: Prices came under pressure on the cotton market on Wednesday owing to higher phutti arrivals into ginneries despite active buying.

As a result phutti prices in Punjab and Sindh dropped to Rs2,750 and Rs2,550 per 40 kg, respectively. Similarly, the Karachi Cotton Association (KCA) also revised down its spot rates by Rs100 to Rs6,000 per maund.

However, spinners remained in the forefront of buying spree and booked quality lots.

Reports coming from cotton fields indicate that there is no disruption in phutti arrivals despite rain in the cotton growing belt.

With more ginning factories have resumed operations, around 70 units in Punjab and 25 in Sindh, the daily processing of cotton have almost reached to 10,000 bales.

The following notable deals were reported to have changed hands on the ready counter on Wednesday: 800 bales, Shahdadpur at Rs6,000 to Rs6,100, 1,000 bales, Sanghar at Rs6,000 to Rs6,100, 1,000 bales Tando Adam at Rs6,000 to Rs6,100, 200 bales, Multan at Rs6,400, 200 bales, Hasilpur at Rs6,400, 1,800 bales, Burewala at Rs6,250 to Rs6,400, 200 bales, Kassowal at Rs6,310, 200 bales, Pir Mahal at Rs6,300, 200 bales, Khanewal at Rs6,300, 200 bales, Bahawalpur at Rs6,300, 400 bales, Chichawatni at Rs6,250 to Rs6,265 and 400 bales, Haroonabad at Rs6,250.

Do you have information you wish to share with You can email our News Desk to share news tips, reports and general feedback. You can also email the Blog Desk if you have an opinion or narrative to share, or reach out to the Special Projects Desk to send us your Photos, or Videos.

More From This Section

Textile exports rise by 7pc

Surge in exports is because of govt's decision of ensuring uninterrupted power and gas supply to textile mills.

Comments (0) Closed