Multan: The cotton market remained stable on Monday amid slight increase in prices. The Karachi Cotton Association (KCA), however, revised down its spot rate by Rs100.
Floor brokers said that the prices in the local market rose after the international market moved higher.
They said rains in India’s cotton-growing areas last week are also a reason behind the trend in price increase.
On the domestic front phutti (seed cotton) arrivals are gaining momentum with each passing day, they added.
Four ginning factories will become functional in the first week of July in Punjab — two in Burewala and one each in Sahiwal and Chichawatni.
They said that new crop prices remained firm in Sindh. The rate of phutti in Thatta was Rs2475, Jhando Rs2500, Badin Rs2525 and Sanghar Rs2450.
The KCA cut its spot rates by Rs100, to Rs5,250 per maund.
The following deals were finalised on ready counter: 400 bales from Sanghar done at Rs5025, 400 bales Tando Adam at Rs4950/5025, 200 bales Kotri at Rs4975, 600 bales Hyderabad at Rs5000, 200 bales Khanewal at Rs5200 and 1000 bales (old stock) from Khanpur at Rs5450.