MULTAN: Brisk activity was witnessed on the cotton market on Tuesday as buyers continued to replenish their stocks. An increase of Rs50 was also recorded in lint and phutti (seed cotton) prices. Karachi Cotton Association however kept its spot rate unchanged at Rs8,300. The prices of phutti were recorded between Rs3,600-4,225.

Cotton experts said that although there is a downward trend in the prices in international markets, local prices are increasing due to the devaluation of Pakistani currency against the dollar. Cotton imports are also costlier and many import deals have been canceled by mill owners who are now looking to source locally.

Some 70 ginning factories are currently functional while the number is expected to reach 125 by the end of July.

Major deals on the ready counter were: 2,200 bales, Tando Adam, at Rs8,450-8,500; 400 bales, Sinjhoro, at Rs8,500; 1,200 bales, Shahdadpur, at Rs8,450; 1,800 bales, Mirpur, at Rs8,450-8,475; 700 bales, Vehari, at Rs8,450; and 600 bales, Chichawatni, at Rs8,450

The deals of old crop included: 1,800 bales, Ghotki, at Rs8,800; 6,000 bales, Sadiqabad, at Rs8,700; 1,000 bales, Khanpur, at Rs8,650; and 1,000 bales, Alipur, at Rs8,550.

Published in Dawn, July 10th, 2019