Cotton plunges by Rs600 to Rs6,200 per maund this week

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KARACHI: Cotton price has plunged by Rs 600 to Rs 6,200 per maund in Sindh this week, due to weak international market and bumper crop, brokers said on Saturday.

Member of Cotton Brokers and Advisory Committee Amir Naseem said that cotton was selling at Rs 6,200 to Rs 6,250 per maund in Sindh and Rs 6,100 to Rs 6,300 per maund in Punjab.

He said spot rates of Karachi Cotton Association (KCA) has fallen by Rs 600 per maund to Rs 6,200 per maund on July 16, 2011.

Good quality new phutti was selling at Rs 2,850 to Rs 2,900 per 40 kg in Sindh while it was traded at Rs 2,500 to Rs 2,650 in Punjab.

Binola price also closed lower at Rs 1,000 to Rs 1,025 per maund in Sindh and Rs 950 to Rs 1,025 per maund in Punjab.

Amir said that New York Cotton Futures rates have dropped below $ 1 per pound on low demand.

He said that cotton had increased in Punjab over short supply due to heavy rainfall in cropping areas.