Cotton slips at Rs7,300 per maund on quality

KARACHI: Cotton of different qualities was selling lower in the range of Rs6,300 to Rs7,300 per maund this week, despite short supply, brokers said Saturday.

Member of Cotton Brokers and Advisory Committee Amir Naseem said that said that price has declined by Rs200 per maund on an average due to quality issues.

However, spot rates of Karachi Cotton Association (KCA) have surged by Rs300 per maund during the week to close at Rs7,300 per maund, he added.

Amir said phutti was selling between Rs2,200 to Rs2,900 per for 40 kg while binola at Rs900 to Rs1,000 per maund in Sindh.

In Punjab, cotton was traded between Rs6,900 to Rs7,300 per maund, phutti at Rs2000 to Rs3000 per 40 kg and binola at Rs900 to Rs1000 per maund.

He pointed out that ginning factories in lower Sindh were still close due to flushing of rain water. However, ginning factories in upper Sindh have started functioning

Copyright APP (Associated Press of Pakistan), 2011