LAHORE: The local cotton market on Tuesday remained dull and the trading volume remained notably low.
Cotton Analyst Naseem Usman, told Business Recorder that 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 Sindh government on Monday demanded of the federal government to increase the support price for cotton up to Rs 11,000 per maund to incentivize farmers to cultivate more cotton.
Last year, Prime Minister Shehbaz Sharif had fixed the cotton support price at Rs 8,500 per 40-kg aimed at encouraging farmers to cultivate more cotton. However, now the Sindh government has asked for increase in the cotton support price due to massive surge in the cost of production.
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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