Cotton weak at Rs5,600 per maund this week
KARACHI: Cotton price has declined by Rs500 to Rs5,600-5,650 per maund this week due to higher supply despite rising demand by mills and exporters, brokers said Saturday.
Member of Cotton Brokers and Advisory Committee Amir Naseem said that said that phutti supply has geared up, pulling down cotton prices. New York cotton futures have also dropped on low demand from European countries, he added.
He said spot rates of Karachi Cotton Association (KCA) have decreased by Rs500 per maund during the week due to sluggish activity to close at Rs6,000 per maund on weekend.
Amir feared that prices can fall further on higher supply after Eid.
He said cotton was selling at Rs5,600 to Rs5,650 per maund in Sindh while it ranges between Rs5,800 to Rs5,900 per maund in Punjab.
Similarly, good quality new phutti price has also fallen by Rs300 during the week in Sindh and it was ranging between Rs2,300 to Rs2,500 per 40 kg, he noted.
Copyright APP (Associated Press of Pakistan), 2011
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