Cotton dips amid slow trading
Cotton trading slowed on Monday due to shortage of phutti (seed cotton) and lack of buying interest from spinners. The Karachi Cotton Association reduced its spot rate by Rs50.
Cotton brokers said phutti was arriving in the market in small quantities due to a ban previously imposed by the government of Punjab on early cotton sowing. Moreover, last year’s stock has almost exhausted.
They said a jump in cotton prices was expected before Eidul Fitr.
Cotton picking was ongoing only in Pakistan, which was why cotton brokers from other countries were cautious about making new deals.
Meanwhile, All Pakistan Textile Mills Association (Aptma) has announced to hold a shutdown strike across the country to protest government policies for the textile sector.
Aptma chairman Amir Fayyaz said all textile mills have decided to go on strike as the government seemed least interested to resolve their issues.
On Monday, the price of phutti was Rs 3, 300 in Kunri, Rs3,350 in Umerkot, Rs3,325 in Dharo, Rs3,300 in Thatta, Rs3,450 in Burewala and Rs3,350 in Badin. Major deals on the ready counter were, 755 bales from Haroonabad at Rs6,900 per maund (around 37 kilograms), 200 bales from Shahdadpur at Rs6,550 a maund, 200 bales from Mirpur Khas at Rs6,500, 200 bales from Tando Adam at Rs6,550, 400 bales from Rahim Yar Khan at 6,850 and 290 bales from Vehari at Rs6,775.
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