KARACHI, Sept 5: The Trading Corporation of Pakistan is likely to intervene to stabilize prices of phutti if they fall below the official support price of Rs975 per 40 kg, officials said. A high-level meeting, held here on Monday under the chairmanship of the federal minister for food and agriculture to review the cotton situation, including its production and market, decided to intervene if prices of phutti declined below the support price of Rs975.

The meeting, held at the Pakistan Central Committee head office, has expressed satisfaction over the crop situation, although recent floods in some areas of the southern Punjab cotton belt have damaged standing crops.

According to latest reports coming from the lower Sindh cotton belt, the prices of phutti had also declined to Rs850 or slightly above, depending on the quality.

“The month of September was crucial for the crop,” the minister said and hoped that another bumper crop could be harvested if all went well during the current month and a strict watch on a possible pest attack.