Growers seek govt action as cotton plunges on higher supply
KARACHI: Cotton price of different qualities has plunged by Rs500 per maund and selling in the range of Rs4,200 to Rs5,000 on rising supply in Sindh, brokers said Saturday.
Member of Cotton Brokers and Advisory Committee Amir Naseem said that growers were holding demonstrations against the falling prices and seeking government's intervention to stabilise the prices and save them from colossal losses.
Spot rates of Karachi Cotton Association (KCA) also slipped by Rs300 to Rs5,900 per maund, he added.
Amir said growers have demanded the purchase of cotton by Trading Corporation of Pakistan and said that "phutti price" should be fixed at a minimum rate of Rs4,000 to 5,000 per maund depending on the quality.
Phutti was selling between Rs2,000 to 2,500 per for 40 kg while binola at Rs800 to Rs850 per maund in Sindh.
In Punjab, cotton was traded between Rs5,600 to Rs5,900 per maund and binola dropped to Rs800 to Rs900 per maund.
He said New York cotton futures were also weak.
Copyright APP (Associated Press of Pakistan), 2011
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