Falling cotton prices world over are directly affecting the domestic market where lint prices yesterday remained under pressure amid slow trading.
Some millers and exporters were the only buyers to meet their near-future requirements. The underlying sentiment also remained easy.
Prices generally moved below Rs5,000 a maund with some quality premium being quoted around Rs5,100 a maund.
Brokers said the Trading Corporation of Pakistan’s (TCP) procurement drive has so far failed to support falling lint prices.
The state-owned corporation has entered into contracts for around 500,000 bales and presently carrying on sampling before taking final decision for the purchase of cotton from ginners.
Meanwhile, flow of phutti from cotton fields into ginneries is still high which is putting pressure on lint prices amid slow off-take, brokers added.
