MULTAN: Cotton prices were flat on Monday and most millers were on the sidelines ahead of Eid holidays. However, brokers expect cotton trading to pick up after the festival.
The trading activity was also affected due to short supply of new phutti (seed cotton).
Brokers said cotton picking in Punjab has almost stopped due to rain in the cotton-sowing areas.
They said that farmers were also reluctant to bring their product in the market due to uncertain cotton prices.
They feared that if cotton prices did not improve after Eid, cotton growers might lose their interest in the crop.
On Friday, the price of phutti was Rs3,250 in Jhudu, Rs3,230 in Kunri, Rs3,275 in Badin, Rs3,225 in Umer Kot and Rs3,200 in Thatta. Major deals on the ready counter were: 200 bales from Mirpur Khas at Rs6,650, 200 bales from Tando Adam at Rs6,550, 200 bales from Kotri at Rs6,500, 200 bales from Shahdadpur at Rs6,575 and 200 bales from Hyderabad at Rs6,500.
Published in Dawn, June 24th, 2017