Cotton prices came crashing down yesterday after reports of higher phutti (seed cotton) arrivals, and an ongoing easy trend on world markets. The undertone was highly uncertain.
A 10 per cent growth in cotton output means that around 1.1 million more bales have so far been produced during the current season, brokers said.
Declining trend in lint prices world over has multiplied pressure on the domestic market.
Moreover, lower petroleum prices are also raising hope for textile industry to get man-made fibre on the cheap.
The Karachi Cotton Association (KCA) cut its spot rates for second consecutive session by Rs100 to Rs4,650 a maund, indicating the mounting pressure on lint prices.
