Prices on the cotton market came under pressure yesterday as activity remained restricted amid record phutti arrivals during the outgoing fortnight (Oct 15-31).
Barring short covering from spinners to meet their near-future needs, the market was devoid of activity. The underlying sentiment was also easy and uncertain.
Floor brokers said the situation has suddenly changed and reports expected bumper cotton this season has further put pressure on lint prices. Fears are growing that the new situation would further result in huge losses to growers who had been already complaining of poor return on their produce.
If the current flow of phutti (seed cotton) from cotton fields into ginners continues for another couple of fortnights, it would mean that the crop size would be over 15 million bales, brokers said.
