LAHORE: The local market maintained a subdued atmosphere on Wednesday, with trading volumes remaining notably low. According to Cotton Analyst Naseem Usman, referencing a fortnightly report from the Pakistan Cotton Ginners Association (PCGA) released on Wednesday, the country witnessed a significant increase in cotton production. As of March 31, 2024, a total of eighty-three lac and ninety-six thousand bales were produced, marking an increase of thirty-four lac and eighty-four thousand bales compared to the previous year. Usman highlighted that this year’s cotton production saw a remarkable surge of 71% compared to the previous year.
In terms of pricing, cotton rates in both Sindh and Punjab ranged from Rs 20,000 to Rs 22,000 per maund, while phutti prices in Punjab were observed between Rs 9,500 and Rs 10,000 per 40 kg.The Spot Rate for cotton remained steady at Rs 21,500 per maund, with Polyester Fiber available at Rs 367 per kg.
Copyright Business Recorder, 2024
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