Cotton prices move up
KARACHI: Strong demand for new cotton crop pushed prices on Friday to a seasonal high level of Rs8,100.
However, trading activity could not expand and remained restricted due to slow supply of phutti (seed cotton).
Although the quality of cotton was initially normal, it has now deteriorated as supply of phutti from lower Sindh began.
According to market sources, cotton coming from lower Sindh is of poor in quality. Shortage of irrigation water and excessive heat affected the growth of cotton plants, eventually restricting growth of staple. Also, incidents of yellow spots are also being reported.
So far around 5,000 to 6,000 bales have reached market from new crop cotton. The demand continues to rise and around 1,200 bales deals were reported to have transpired today.