LAHORE: The local cotton market experienced tight conditions on Monday, coupled with low trading volumes, according to industry analysts.
Naseem Usman, a prominent cotton analyst, highlighted the prevailing rates in different regions. In Sindh, cotton was priced between Rs 18,500 to Rs 20,500 per maund, while in Punjab, the range was from Rs 18,500 to Rs 20,200 per maund. Fluctuations were also noted in Phutti prices, ranging from Rs 8,000 to Rs 9,200 per 40 kg, and in cotton prices from Balochistan, documented at Rs 17,500 to Rs 18,000 per maund.
Usman noted a moderate level of business activity in the cotton market, following a period of robust trading last week. However, he highlighted a lack of synchronization between yarn prices and prevailing cotton rates, attributing this disparity to the high energy costs in the textile industry.
Despite assurances from the government to review electricity tariffs to more viable rates, no action has been taken yet, leaving the industry in a state of uncertainty.
As a result, local cotton prices are expected to stabilize at their current levels, rather than showing significant upward movement. In other market developments, the rate of polyester fiber witnessed an increase of Rs 3 per kg, reaching Rs 365 per kg.
Copyright Business Recorder, 2024
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