The Price fall in the cotton market continued unabated yesterday as well amid higher arrivals of phutti (seed cotton) and sluggish demand for cotton yarn.
Floor brokers said that even on ready counter most deals were now being done below Rs5,000 a maund, and at one stage touched the lowest level of Rs4,550.
According to market reports, the Trading Corporation of Pakistan (TCP) has stopped from entering into new purchase contracts with ginners.
The TCP has also slowed down the lifting of cotton bales which were already contracted, irking ginners as they purchased phutti from growers at higher rates.
Consequently, higher supply of cotton against slow off-take and depressed demand for cotton yarn continue to pull down lint prices
The Karachi Cotton Association (KCA) left its spot rates unchanged.
The following major deals were finalised on ready counter: 1,000 bales Khairpur at Rs4,650, 1,000 bales Chichawatni at Rs4,600-4,650, 1,000 bales Haroonabad at Rs4,650, 1,000 bales Fort Abbas at Rs4,700, 1,200 bales Ahmedpur at Rs4,700-4,750, 2,000 bales Bahawalpur at Rs4,700-4,800, 800 bales Yazman Mandi at Rs4,750, 2,000 bales Rahimyar Khan at Rs4,800-4,950, 3,000 bales Sadiqabad at Rs4,850-4,950, 600 bales Alipur at Rs4,700-4,800, 400 bales Tiba Sultanpur at Rs4,550 and 600 bales Mian Channu at Rs4,700.
The following are Friday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/32” micronair value between 3.8 to 4.9 NCL.
